RBI has banned some services of Kotak Mahindra Bank and directed it to stop issuing new credit cards with immediate effect.
No matter whose negligence it was, the general public would have to bear the brunt of it. One such negligence has been done by Kotak Mahindra bank. Taking strict action, the Reserve Bank of India (RBI) has banned some services of Kotak Mahindra Bank, hence this news must be seen today by more than 4 crore people who have their bank account in Kotak Mahindra Bank.
RBI has banned some services of Kotak Mahindra Bank and directed it to stop issuing new credit cards with immediate effect. Besides, it also imposed a ban on adding new customers through online and mobile banking channels. RBI had found shortcomings in Kotak Mahindra Bank's IT inventory management, user access management, data security and data leak prevention strategy.
RBI had expressed its concern to the bank regarding the lack of necessary IT infrastructure between years 2022 and 2023, but the bank had failed to overcome these shortcomings. After which RBI was forced to take these strict steps. By taking strict steps, RBI also wants to give a message to the banks that strict action will be taken against those who violate the rules. What will be the impact of this decision of RBI on the bank and you?
Those who are already customers of the bank will continue to get all the services as before. This means that those who have an account in the bank should remain tension-free. New customers who want to connect with the bank through online or mobile banking will no longer be able to connect. However, people can join the bank by visiting the bank branch.
If the bank does not add new customers or issue new credit cards, then its impact will be visible on its growth. Its interest income will also be less. Its first trailer was also shown on Thursday when the share price of Kotak Mahindra Bank registered a decline of up to 10 per cent. This is a record fall in the bank's shares in a day.
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