Kotak Bank says main priority is to fix IT system; reports 18% rise in profit

Kotak Mahindra Bank, hit hard by a regulatory actions late last month, on Saturday admitted that the ban on its online and mobile app customer onboarding will impact its business marginally but that’s “a lesser worry as the bigger worry is the reputational damage” arising from the punitive action and that “their first priority is to get the IT infra right to the level it’s the gold standard.”

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The Kotak Bank management led by the new chief executive Ashok Vaswani who joined only in January, and the joint managing director Shanti Ekambaram, admitted that the RBI action will impact business to some extent especially the 811 banking channel as over 90 percent of personal loans and small business loans have been done online.