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The Reserve Bank of India (RBI) on Wednesday lifted the business restrictions placed on Kotak Mahindra Bank Ltd. (KMB) upon satisfactory remedial action. In April 2024, the banking regulator had restrained the bank from onboarding new customers through its online and mobile banking channels, and issuing fresh credit cards.
Subsequently, the bank initiated remedial measures to address the supervisory concerns and submitted compliances to the Reserve Bank, the RBI said in a circular.
“We welcome RBI’s decision to lift the business restrictions on Kotak Mahindra Bank. This decision follows the bank’s successful implementation of remedial measures and compliance validation through an external audit. We will continue to work closely with the RBI to shortly resume digital onboarding of new customers and issuing fresh credit cards,” KMB said.
Published – February 12, 2025 10:24 pm IST
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RBI lifts curbs on Kotak Mahindra Bank
