Digital Banking

RBI restricts Kotak Mahindra Bank from online customer onboarding

The RBI's directive, issued under Section 35A of the Banking Regulation Act, 1949, underscores the central bank's concerns about deficiencies observed during its IT examinations of KMB for the years 2022 and 2023. Despite receiving corrective action plans from the RBI in both years, subsequent assessments revealed ongoing non-compliance by the bank.