🐘India🇮🇳: the regulator has banned Kotak Mahindra Bank from attracting new customers to online banking

🐘India🇮🇳: the regulator has banned Kotak Mahindra Bank from attracting new customers to online banking

Serious deficiencies have been discovered in the IT systems and risk management methods of India's third largest private bank, which is also a partner of major fintech startups.

➡️ An assessment conducted by the Reserve Bank of India (RBI) revealed discrepancies with standards in operational areas such as change and correction management, IT inventory management, user access control, data security, business continuity planning, and supplier continuity planning.

➡️ While it may appear that the regulator is expressing dissatisfaction, it's important to objectively note that Kotak Mahindra Bank's fundamental banking system and digital channels have been experiencing recurrent failures for some time, with the most recent incident occurring on April 15, 2024. This outage has led to significant inconvenience for users.

➡️ As a result, the bank will not be able to issue new credit cards to users for the time being.

➡️ …But there's good news: existing customers will not be impacted by these restrictions.

#Asia #news #India