New Delhi. Private sector Kotak Mahindra Bank has got a big relief. The Reserve Bank of India (RBI) has lifted the restrictions imposed on the bank on February 12. Kotak Mahindra Bank can now issue credit cards to new customers. Apart from this, the bank will now be able to add new customers through online channels.
The Reserve Bank of India had imposed these restrictions on Kotak Mahindra Bank on 24 April 2024. Shares of Kotak Mahindra Bank closed at Rs 1943.30 on the Bombay Stock Exchange on Wednesday with a gain of 1.35 per cent.
What did RBI say on lifting the ban?
The central bank had instructed Kotak Mahindra Bank to stop adding new customers and issuing new credit cards through its online and mobile banking channels. Now the Reserve Bank has said that the bank took necessary steps to rectify its shortcomings and followed all the rules. Apart from this, an external audit was also conducted with the approval of the central bank so that these improvements could be confirmed.
Why did RBI impose restrictions?
RBI imposed restrictions on Kotak Mahindra Bank because deficiencies were found in the technical and security systems of the bank during the IT examinations of 2022 and 2023. The bank was repeatedly asked to rectify these problems, but timely and complete solutions were not provided. For this reason, restrictions were imposed on the bank.
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