Brief by Shorts91 Newsdesk / 12:15pm on 24 Apr 2024,Wednesday India
The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank to halt onboarding new customers via online and mobile banking, along with issuing fresh credit cards. This action comes following RBI's findings of deficient IT Risk and Information Security Governance for 2022 and 2023. Serious deficiencies were noted in IT inventory management, patch and change management, and more. The bank's failure to address these concerns led to frequent outages, impacting customer services. Despite continuous engagement, Kotak Mahindra Bank's IT infrastructure remains inadequate, prompting RBI's intervention to ensure operational resilience.
