Reserve Bank of India (RBI) closed the credit card of Kotak Mahindra Bank

Kotak Mahindra Bank Shares Tank 12% After RBI Bans Customer Onboarding Digitally

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Kotak Bank plunged 10 per cent to Rs 1,620 after the Reserve Bank of India (RBI)

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barred the private lender from issuing new credit cards. The Reserve Bank of India (RBI)

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barred Kotak Mahindra Bank from adding new customers via its online portal and mobile app and from

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issuing new credit cards owing to significant shortcomings in its IT system, it said

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The move by the RBI has raised concerns among the existing customers of the bank regarding the safety of their funds in their accounts and the functionality of their credit cards

If you are worried about what happens to your account in Kotak Mahindra and if you can avail the services of the bank, read on to know more

What did the RBI order?

and mobile banking channels and issuing fresh credit cards with immediate effect after it found “serious deficiencies” in the lender’s IT risk management