The RBI has taken decisive action against Kotak Mahindra Bank, barring the institution from onboarding new customers online and issuing fresh credit cards, effective immediately. The decision comes on the heels of significant concerns arising from the RBI’s IT examinations of the bank for the years 2022 and 2023, exacerbated by the bank’s perceived failure to adequately address these issues in a timely manner. According to the RBI’s release, Kotak Mahindra Bank exhibited notable deficiencies in IT inventory management, patch and change management, user access management, vendor risk management, data…
RBI Imposes Restrictions on Kotak Mahindra Bank Over Data Security Concerns
