RBI had asked place restrictions in April last year after finding deficiencies and non-compliances in Kotak Mahindra Bank’s IT inventory management and data security, among other issues

The Reserve Bank of India said on Wednesday that it had lifted its 10-month-old order barring Kotak Mahindra Bank from onboarding new clients digitally and issuing fresh credit cards due to gaps in its IT infrastructure.

Reserve Bank of India has removed restrictions on Kotak Mahindra Bank, enabling the bank to restart its credit card offerings and onboard new customers via digital platforms.

After almost a year, the central bank has finally given the green light for the private bank to onboard new customers again

India's central bank on Wednesday lifted restrictions on Kotak Mahindra Bank that had barred the lender from taking on new customers via its online and mobile banking channels and from issuing new credit cards.

The Reserve Bank of India (RBI) has removed the restrictions it had earlier imposed on Kotak Mahindra Bank, preventing it from acquiring new customers through its digital channels. The restrictions, which also included a ban on issuing new credit cards, were first imposed by RBI on April 24, 2024.

The Reserve Bank of India has lifted restrictions on Kotak Mahindra Bank, allowing it to onboard new customers via online and mobile channels and issue new credit cards. These restrictions were in place due to IT-related deficiencies.

India's central bank on Wednesday lifted restrictions on Kotak Mahindra Bank that had barred the lender from onboarding new customers through its online channels and issuing new credit cards.

RBI had barred the lender from onboarding new customers through its online channels and issuing new credit cards