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RBI allows Kotak to onboard online, credit card customers
Mint Kolkata
|February 13, 2025
Regulator grants relief 10 months after its embargo cited deficiencies and non-compliance
The Reserve Bank of India (RBI) on Wednesday lifted the restrictions on Kotak Mahindra Bank, allowing it to issue new credit cards and onboard new customers through its website and mobile app, nearly 10 months after an embargo was imposed on it.
"Having satisfied itself based on the submissions, and remedial measures undertaken by the bank, the Reserve Bank, has decided to lift the aforementioned restrictions placed on Kotak Mahindra Bank Limited," said RBI in its press release.
In April last year, RBI had asked the bank to cease and desist these services after it found deficiencies and non-compliances in Kotak Mahindra Bank's information technology (IT) inventory management, patch and change management, user access management, vendor risk management and data security, among other issues, for 2022 and 2023.
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