MUMBAI: RBI has lifted restrictions it imposed on Kotak Mahindra Bank in April 2024, which had prevented it from on-boarding new customers through its online and mobile banking channels and from issuing fresh credit cards, the lender informed exchanged.
RBI had placed restrictions on the bank for inadequacies in its IT systems. According to Kotak Mahindra Bank, RBI was satisfied with the remedial measures undertaken by the lender and the compliance submissions, including the report from the external auditor. Consequently, RBI communicated its decision to remove the restrictions.
