RBI: Reserve Bank of India has taken action against Kodak Mahindra Bank.
Kodak Mahindra Bank is the 5th largest private bank in India with various branches opened and functioning across the country. In particular, Kotak Mahindra Bank introduced Zero Balance Bank Account for the first time in India.
Online account opening, KYC application, etc. are all available online. In this context Reserve Bank has taken action against Kodak Mahindra Bank.
In other words, RBI has banned Kodak Mahindra Bank from adding new customers through online and mobile activation and issuing new credit cards online. It has been reported that action has been taken against Kodak Mahindra Bank for violating Reserve Bank of India rules for online banking services in the years 2022 and 2023.
However, it has been announced that other services will continue in Kodak Mahindra Bank. It has also been informed that although there is a ban on new customers, there is no ban on providing services to existing customers.
Reserve Bank of India has today directed Kotak Mahindra Bank Limited to cease and desist, with immediate effect, from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards.
These actions are necessitated based on significant… pic.twitter.com/ccMz1EJRlI
— ANI (@ANI) April 24, 2024
