Hot Deal

RBI bars Kotak Mahindra Bank from onboarding new customers through online, mobile banking; issue new credit cards.

1410°
Deal Cadet
Ani147

RBI bars Kotak Mahindra Bank from onboarding new customers through online, mobile banking; issue new credit cards.

imagepickerACB2D6DE-6FB2-4F6B-A099-36240738ECD4-92542-00000C84A15F7D9B

Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
Top Comments
Helpful Helpful
Link Copied

this is a welcome move. This is a fraud bank, sends promotional emails with zero fee offers and after issuing card levies the fees. So they deserve it truly.

https://www.moneycontrol.com/news/business/rbi-...

Savings Mentor Savings Mentor
Link Copied

I am waiting for when SBI card and BOB Card get RBI ka danda. Two most haramkhor companies.

SBI Card ko bahot bade se bada fine lagna chahiye. Main mithai batunga aur Twitter pe unko aisa jalil karunga. Sarkari Badmash of India hai woh card company

Benevolent Benevolent
Link Copied

What's the duration of the ban ?

Finance Ninja Finance Ninja
Link Copied
@Gulag-Survivor "Until Kotak Bank improves its IT and security infrastructure and submits the report to RBI, the RBI will conduct another test and audit. If they are satisfied with the report, then the ban will be revoked. The timeline for the revocation of the ban depends on how quickly Kotak Bank completes the required improvements and submits the report to RBI."
92 Comments  |  
43 Dimers
  • Sort By
Finance Ninja Finance Ninja
Link Copied
RBI bars Kotak Mahindra Bank from onboarding new customers through online, mobile banking; issuing new credit cards

The RBI actions are necessitated based on significant concerns arising out of RBI's IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner, the RBI said.

The bank shall, however, continue to provide services to its existing customers, including its credit card customers, the RBI said. "These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner," the RBI said.

Explaining the action, the RBI said dor two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines.

During the subsequent assessments, the bank was found to be significantly non-compliant with the Corrective Action Plans issued by the Reserve Bank for the years 2022 and 2023, as the compliances submitted by the bank were found to be either inadequate, incorrect or not sustained, the central bank said.

"In the absence of a robust IT infrastructure and IT Risk Management framework, the bank’s Core Banking System (CBS) and its online and digital banking channels have suffered frequent and significant outages in the last two years, the recent one being a service disruption on April 15, 2024, resulting in serious customerinconveniences," the RBI said.

During the investigations, the RBI found that the bank is materially deficient in building necessary operational resilience on account of its failure to build IT systems and controls commensurate with its growth.

Deal Brigadier Deal Brigadier
Link Copied

#JustIn | Kotak Bank Actions Based on concerns following IT Examination for 2022 & 2023, says RBI

IMG20240424162047201

IMG20240424161442836

Talk-Of-The-Town Talk-Of-The-Town
Link Copied

Pah, super fast. I just thought of creating a post and it's already there in DD! smile

Deal Brigadier Deal Brigadier
Link Copied

Screenshot2024-04-24-16-26-11-5940deb401b9ffe8e1df2f1cc5ba480b12

Mera toh news bhi repost ho gya 😂

Deal Brigadier Deal Brigadier
Link Copied

Bhai sabse pehle kaha se pta chla CNBC dekh rahe they kya 😜

Deal Cadet Deal Cadet
Link Copied
dost ne bheja tha, he works in kotak
View 3 more replies
Finance Ninja Finance Ninja
Link Copied

The Reserve Bank of India on Wednesday asked Kotak Mahindra Bank to cease issuing new credit cards and onboarding new customers through an online portal.

RBI stopped Kotak Mahindra Bank from issuing new credit cards due to serious shortcomings in the bank's IT security practices. The bank failed to address concerns raised by the RBI for two consecutive years regarding IT Risk and Information Security Governance. This poses a risk to customer data and financial security. While existing customers are not affected, the bank is restricted from adding new ones or issuing new credit cards until these issues are resolved.

RBI is in Full Action Mode!

RBI imposed similar restrictions on HDFC Bank in 2020.

A Few Banks and Fintech banned are Federal Bank and South Indian Bank Stopped Onboarding New Customers for Co-Branded Credit Cards Basis RBI Guidelines including SBM Bank India Ltd.

Benevolent Benevolent
Link Copied

What's the duration of the ban ?

View 3 more replies
Helpful Helpful
Link Copied

this is a welcome move. This is a fraud bank, sends promotional emails with zero fee offers and after issuing card levies the fees. So they deserve it truly.

https://www.moneycontrol.com/news/business/rbi-...

Deal Brigadier Deal Brigadier
Link Copied

Ha bro yeh kotak aur Bajaj dono hi fraud apps h

View 3 more replies
Generous Generous
Link Copied

Yes they truly deserved for fake marketting

Deal Cadet Deal Cadet
Link Copied

Today only i asked about myntra card

Thought of applying

How many days this restriction?

Generous Generous
Link Copied

Abhi apply karke dekh lo kya pta process ho jaye as din me khabar aayi hai to maybe kal se apply hogi new terms ya full notification check karlo

View 2 more replies
Firestorm Firestorm
Link Copied

Last Week Received Credit Card, in 2 months old account 😄 haha

Deal Hunter Deal Hunter
Link Copied

Lotak wale loot gaya ? 

Deal Cadet Deal Cadet
Link Copied
left right sab jagh se
Deal Newbie Deal Newbie
Link Copied
@mrkool_jj @bubbleboychickenlittle @bikidas2060 How much gap down are you expecting?
(And if already sitting on shorts,, then, how much are you hoping?😄)
Deal Brigadier Deal Brigadier
Link Copied

tit for tat ✓ Logo ke ac debit freeze kar rahe they rbi ne Inka hi kar diya 🤣

Pro Entertainer Pro Entertainer
Link Copied

Mere bhai ka account debit freeze kiya hua hai, branch visit kar karke pareshaan ho gaya.

View 1 more reply
Comrade Comrade
Link Copied

Truely deserved

Deal Captain Deal Captain
Link Copied

Keep sending sms grin

I will keep forwarding it to RBI grin

Deal Hunter Deal Hunter
Link Copied

Meanwhile chorxis after hearing ban on Lotak

munsonated

Helpful Helpful
Link Copied
kuch mat bolo, abhi chot axis aur clean citi dono couple ho chuke hai, accounts saaf dikhane ke liye
Cool Cool
Link Copied
Comment No Longer Exist
Helpful Helpful
Link Copied

Why are you spamming same comment on every thread..

RBI Did this to many banks in the past..like hdfc, amex, etc..

View 1 more reply
Cool Cool
Link Copied
Comment No Longer Exist
Benevolent Benevolent
Link Copied
Bhai ye  GSYTU (German Shepherd YouTube University) wala bataya kya? 🤪😆

Lol what has electoral bonds got to do with the RBI's crackdown on Kotak (a bank that violated RBIs guidelines)? 🤭

RBI has taken action against Bank of Baroda, Paytm Payments Bank, Bajaj Finance, HDFC Bank, Mahindra & Mahindra Financial Services etc.A Few Banks and Fintech banned are Federal Bank and South Indian Bank Stopped Onboarding New Customers for Co-Branded Credit Cards Basis RBI Guidelines including SBM Bank India Ltd.

w46g35467376

https://www.business-standard.com/companies/new...

Protection of consumer interest is one of the core guiding principles of the RBI & we should appreciate the RBI's efforts to protect consumer interests instead of making nonsensical & baseless accusations.
View 2 more replies
Deal Cadet Deal Cadet
Link Copied
This thread was posted before
View 1 more reply
Savings Mentor Savings Mentor
Link Copied

Should've taken that Kotak Myntra on RuPay fast and closed UPI RuPay. Since already have Zen Signature Visa and League RuPay as well. Now will have to wait till eternity.

Deal Cadet Deal Cadet
Link Copied

How many kotak cards can we ve ?

View 10 more replies
Savings Mentor Savings Mentor
Link Copied

I am waiting for when SBI card and BOB Card get RBI ka danda. Two most haramkhor companies.

SBI Card ko bahot bade se bada fine lagna chahiye. Main mithai batunga aur Twitter pe unko aisa jalil karunga. Sarkari Badmash of India hai woh card company

Benevolent Benevolent
Link Copied

SBI card is a different company 

View 3 more replies
Deal Newbie Deal Newbie
Link Copied

I wonder why this dude copy pastes everything instead of simply posting a credible link & doesn't even mention the source

Helpful Helpful
Link Copied

Ache bache bado k sath shalinta se rahte hai jyda baate nhi puchte.....aynee😜

View 1 more reply
Deal Lieutenant Deal Lieutenant
Link Copied

First of all... They should ban the mobile app of Kotak Bank.

This app is literally shit sweat

Generous Generous
Link Copied

They don't even let me use that shit for than 1 minute

After opening app within 1 min they show big list of apps that i should uninstall to use kotak app
Sab kuch jaldi jaldi karna padta hai before error joy joy

Baki sab banks ki apps chal rhi hai inko hi jyada nakhre hai

Generous Generous
Link Copied

Hdfc icici sbi baki sab ko ban kar de.. ye log shatir gamr khelte hain.. kotak ka to accha hua.. maine month pahle everyday 0 balance acc open kiya.. is month mail aaya ab apko 20k nahi 15k amb karna hai.. main to 0 kqr raha tha with 30 upi transfer now that offer excluded

Benevolent Benevolent
Link Copied

Dear RBI, 

Kudos to you!!I must bring it to your immediate attention that Ax$hit Bank is also seeking your Slap/Danda/Bamboo badly.Ever since it acquired Citi's consumer business in India, Ax$h!t bank has been bullying and harassing customers.Kindly consider providing your Danda / Bamboo to Ax$h!t Bank as well, so that it can improve its service.

Thanks and Regards 

Deal Newbie Deal Newbie
Link Copied

Not a big issue   similar happened with big banks earlier. 

Deal Newbie Deal Newbie
Link Copied

But shares down

Benevolent Benevolent
Link Copied
Jab Fati to bola "Hajmola" laughing

I received this email point_down a few minutes back.

Letter from MD & CEO of Kotak Mahindra Bank

Dear Valued Customer,

Amid recent updates regarding the RBI’s directive to the Bank, I want to reassure you of our services and address any concerns that may have arisen.

I wish to emphasize that our operations continue uninterrupted for all existing customers across all our channels. You continue to have access to all your existing banking services including branches, bank accounts, Credit/Debit Cards, ATMs, Mobile and Net Banking facilities. However, we have temporarily paused the issuance of new Credit Cards.

Rest assured, we are actively working to address the concerns raised and are in constant communication with the regulator to resolve any issues promptly.

Lastly, we extend our heartfelt gratitude for your continued trust in Kotak. We hold ourselves to the highest standards and remain dedicated to serving you with excellence.

Should you have any additional questions or concerns, please do not hesitate to reach out to us.

Best,
Ashok Vaswani
MD & CEO
Deal Captain Deal Captain
Link Copied
Bete ki shaadi me Andhadhund paise udaya. Customer ka katke , moj kar raha tha.
Acha kiya RBI ne.
It proves that RBI is in good hands.
And govt. Will not spare any rule breakers, despite receiving bonds. Ab sab chup hain. no_mouth.
View 2 more replies
replyuser
Click here to reply
Reply