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RBI bars Kotak Bank from digital onboarding of customers, fresh credit cards
India's central bank ordered Kotak Mahindra Bank to immediately cease onboarding new customers through its online and mobile banking channels and to stop The Reserve Bank of India has ordered Kotak Bank to immediately cease onboarding new customers through digital channels and to stop issuing fresh credit cards.
It’s also one of the key partners for many fintech startups in India, including KredX and Rupeek. Despite being under close scrutiny and engaging in high-level discussions with the RBI over the past two years, Kotak Mahindra Bank failed to adequately address these issues and implement satisfactory corrective measures, the central bank said. The bank’s core banking system and digital channels have experienced frequent and significant outages, with the most recent disruption occurring on April 15, 2024, causing severe inconvenience to customers, the RBI added.
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