RBI lifts restrictions on Kotak Mahindra Bank from issuing credit cards, adding customers online

New Delhi [India], February 12 : The Reserve Bank has lifted all restrictions it placed on Kotak Mahindra Bank. On April 24 last year, the RBI imposed certain business restrictions on the private lender.

The bank was directed to cease and desist from onboarding new customers through its online and mobile banking channels, and issuing fresh credit cards.

Subsequently, the bank initiated remedial measures to address the supervisory concerns and submitted compliances to the Reserve Bank.

The bank also commissioned an external Audit, with prior approval of RBI, to validate the compliances.

Now, having satisfied itself based on the submissions, and remedial measures undertaken by the bank, the Reserve Bank has decided to lift the restrictions.

RBI said a detailed communication has been issued to the bank in this regard.

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