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REGULATORY RAP
Business Today India
|May 26, 2024
The RBI has been taking stringent regulatory actions against financial institutions. The latest to face the music is Kotak Mahindra Bank
THE RESERVE BANK of India (RBI) has a history of taking stringent regulatory action against financial institutions to safeguard customers’ interests. The latest step taken by the regulator is against Kotak Mahindra Bank, prohibiting it from onboarding new customers through its online and mobile platforms and issuing new credit cards. RBI’s decision is rooted in concerns over the bank’s IT infrastructure and risk management practices.
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