RBI forbids major bank from adding new customers digitally

Kotak Mahindra’s IT systems showed “serious deficiencies and non-compliances”, regulator says

Reserve Bank of India HQ, Mumbai
Reserve Bank of India HQ, Mumbai

The Reserve Bank of India (RBI) ordered a major bank not to sign up new customers online or issue new credit cards on April 24, while the lender remedies IT “deficiencies”.

The central bank said Kotak Mahindra Bank had failed to address supervisors’ concerns related to IT and information security governance over the course of 2022 and 2023.

The RBI listed several areas where it had found “serious deficiencies and non-compliances”, citing IT inventory management, patch and change management, user

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