The Reserve Bank of India (RBI) has lifted nine-month old curbs on Kotak Mahindra Bank, allowing it to onboard new customers through its online and mobile banking channels. The Reserve Bank also permitted the private sector lender to issue fresh credit cards.
The RBI in April 2024 had directed the lender to cease and desist from onboarding new customers through its online and mobile banking channels, and issuing fresh credit cards. Subsequently, the bank initiated remedial measures to address the supervisory concerns and submitted compliances to the Reserve Bank. The bank also commissioned an external audit, with prior approval of RBI, to validate compliance.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
