Published 10 days ago

RBI bars Kotak Mahindra Bank from issuing credit cards; Bank's share price falls more than 11%

Summary by WION

The Reserve Bank of India (RBI) ordered Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards as well. The bank can, however, provide services to its existing customers, including its credit card customers. As a result, Kotak Mahindra Bank's share price decreased 10.85% and closed at ₹1,643 on the BSE on Thursday (April 25).

0 Articles

All

Left

Center

Right

The Hindu

RBI bars Kotak Bank from issuing new credit cards, onboarding customers via online banking

“These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023,” the central bank said.

10 days ago·India

Read Full Article

NDTV

Should Existing Kotak Mahindra Bank Customers Be Worried Over RBI Curbs?

Kotak Mahindra Bank must immediately stop onboarding new customers through its online and mobile banking channels and issuing new credit cards, the Reserve Bank of India said as it flagged "serious deficiencies and non-compliances". But will this crackdown affect existing customers? No. According to the RBI, "The bank shall continue to provide services to its existing customers, including its credit card customers." Existing customers of the Kot…

10 days ago·New Delhi, India

Read Full Article

WION

RBI bars Kotak Mahindra Bank from issuing credit cards; Bank's share price falls more than 11%

10 days ago·Noida, India

Read Full Article

India Today

Kotak Mahindra Bank barred from onboarding new online customers

RBI has also restricted the Kotak Mahindra Bank from issuing new credit cards.

10 days ago·India

Read Full Article

Nikkei

India central bank bars Kotak Mahindra from taking new online clients

BENGALURU -- India's central bank on Wednesday barred private lender Kotak Mahindra Bank from taking new customers via online and mobile banking chann

10 days ago·Japan

Read Full Article

TechCrunch

RBI bars Kotak Bank from digital onboarding of customers, fresh credit cards

India’s central bank on Wednesday ordered Kotak Mahindra Bank to immediately cease onboarding new customers via its online and mobile banking channels, and to stop issuing fresh credit cards, citing serious deficiencies in the bank’s IT systems and risk management practices. Kotak Mahindra Bank is India’s fourth most valuable bank. It’s also one of the […] © 2024 TechCrunch. All rights reserved. For personal use only.

10 days ago·United States

Read Full Article

Think freely.Subscribe and get full access to Ground NewsSubscriptions start at $9.99/year

Ground News Article Assistant

Not enough coverage to generate an Article Assistant.