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RBI Bars Kotak Mahindra Bank From Issuing Fresh Credit Cards

April 25, 2024 13:04

In a tough disciplinary action, the Reserve Bank of India (RBI) on Wednesday barred Kotak Mahindra Bank from issuing fresh credit cards and onboarding new customers through online and mobile banking channels. The RBI cited “serious deficiencies” in the private lender’s IT system and repeated failures to fix them as the reason for its action. […]