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Business EconomyPosted at: Apr 25 2024 9:46PM


After RBI’s action, Kotak Mahindra Bank assures customers of uninterrupted services

New Delhi, April 25 (UNI) A day after the Reserve Bank of India (RBI) barred Kotak Mahindra Bank to cease and desist from onboarding of new customers due to IT related deficiencies in its network, the MD and CEO of the Bank on Thursday said they are actively working to address concerns raised and are in constant communication with the regulator to resolve issues promptly.
“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 facuilities,” Ashok Vaswani, MD & CEO, said in a brief message.
However, we have temporarily paused the issuance of new credit cards, he said.
Yesterday the RBI had barred the bank from some services citing its failure to address IT related deficiencies saying 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.
Vaswani reassured its customers of all services and address any concerns that may have arisen. “Rest assured, we are actively working to address the concerns raised”.
He also asked its customers to reach out to the bank if any one has any additional questions or concerns. “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,” Vaswani added.
Serious deficiencies and non-compliances were observed in the areas of IT inventory management, patch and change management, user access management, vendor risk management, “data security” and “data leak” prevention strategy, business continuity and disaster recovery rigour and drill, etc., the RBI had said.
Kotak Mahindra Bank’s shares also traded down more than 10 per cent on the stock market today in reaction to RBI’s supervisory action yesterday.
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Tags: #After RBI’s action# Kotak Mahindra Bank assures customers of uninterrupted services
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