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RBI restrictions on Kotak Mahindra Bank: What it means for customer, banking and credit card services - FAQs answered
Credit: IndiaTimes- Published on April 26, 2024
RBI's restrictions on Kotak Mahindra Bank impact new customer onboarding and credit card issuance, with uncertainties for existing customers. The ban's duration depends on an external audit and corrective measures satisfaction, potentially lasting six to twelve months.
Video credit: Oneindia
Published on April 25, 2024 - 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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