RBI Lifts Restrictions on Kotak Mahindra Bank
| Key Points for Exam Preparation | Details |
|---|---|
| Why in News? | RBI lifted restrictions on Kotak Mahindra Bank, allowing digital onboarding and credit card issuance. The restrictions were imposed in April 2024 due to IT deficiencies. |
| Reason for Restrictions | IT audits (2022 & 2023) found issues in IT inventory, patch management, user access, vendor risk, and data security. |
| Corrective Actions Taken | External audit by Grant Thornton Bharat, tech upgrades with Accenture, Infosys, Oracle, and Cisco, improved risk controls. |
| Impact of RBI's Decision | Kotak Mahindra Bank can now acquire new customers digitally and issue credit cards, boosting fee income and customer base. |
| Regulator | Reserve Bank of India (RBI) |
| Kotak Mahindra Bank HQ | Mumbai, Maharashtra |
| CEO & MD | Ashok Vaswani (since 2024) |
| Tagline | "Let's Make Money Simple" |
| Founded | 2003 |