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Should Kotak Mahindra Bank’s existing customers worry about the RBI action ?

RBI has barred the bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards, citing supervisory concerns over its technology platforms.

April 25, 2024 / 11:13 IST
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shares of Kotak Mahindra Bank plummeted 10 percent on April 25, a day after the regulatory action.

Should the customers of Kotak Mahindra Bank worry after the Reserve Bank of India (RBI), on April 24, barred the bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards?

The RBI cited serious deficiencies and non-compliance on the IT and risk management fronts.

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How will this impact the digital banking and credit card customers of the bank? Here is an explainer.

Also read: RBI action may hit Kotak Mahindra Bank as majority of business sourced digitally: Brokerages