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Setback For Kotak Mahindra Bank, RBI Bars It From Onboarding Customers Online, Issuing Credit Cards
Credit: Zee News- Published 3 weeks ago
The RBI said it took the action under Section 35A of the Banking Regulation Act, 1949.
Video credit: Oneindia
Published 3 weeks ago - 05:03
Kotak Mahindra Bank Faces RBI Ban on Online Customer Acquisition, Credit Cards| Oneindia News
RBI's action against Paytm and Kotak Mahindra Bank for non-compliance raised concerns. Kotak Mahindra's failure to meet data storage requirements led to RBI directives. Similar actions were taken against HDFC Bank in 2020. The events underscore the need for stronger regulatory mechanisms.
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