Why Kotak Mahindra Bank faces strict RBI curbs: How does it affect you?
7 months, 4 weeks ago

Why Kotak Mahindra Bank faces strict RBI curbs: How does it affect you?

Hindustan Times  

Kotak Mahindra Bank News: On Wednesday, the Reserve Bank of India directed Kotak Mahindra Bankto immediately stop onboarding new customers through its online and mobile banking channels and issuing fresh credit cards. REUTERS/Adnan Abidi/File Photo Why RBI took action against Kotak Mahindra Bank? • RBI said that it placed restrictions in the “interest of customers and to prevent any possible prolonged outage which may seriously impact not only the bank’s ability to render efficient customer service but also the financial ecosystem of digital banking and payment systems.” Are you a Kotak Mahindra Bank customer? Here's how RBI's action affects you RBI has barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards.

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History of this topic

Mint Primer: Why are banks issuing fewer credit cards?
3 weeks, 5 days ago

Mint Primer: Why are banks issuing fewer credit cards?

Live Mint  

In October, banks added 0.79 million credit cards, compared with 1.69 million last October. HDFC Bank added the most, followed by State Bank of India, which issues credit cards through subsidiary SBI Card, and ICICI Bank. A banker in charge of credit cards said lenders have decided to go slow on credit card issuances as they look to enhance entry …

Kotak Mahindra Bank shares fall 4% to fresh 52-week low
7 months, 3 weeks ago

Kotak Mahindra Bank shares fall 4% to fresh 52-week low

Hindustan Times  

Kotak Mahindra Bank share price: Shares of Kotak Mahindra Bankfell 4% to hit a fresh 52-week-low of ₹1,561 today. The shares of Kotak Mahindra Bank ended last week 10% weaker after the Reserve Bank of India restricted the bank from onboarding new customers through online and mobile banking channels and issuance of fresh credit cards. Meanwhile, domestic brokerage Nuvama downgraded …

RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P
7 months, 4 weeks ago

RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P

New Indian Express  

NEW DELHI: S&P Global Ratings on Friday said the RBI's regulatory action on Kotak Mahindra Bank could restrain the lender's credit growth and profitability. The RBI on Wednesday barred Kotak Mahindra Bank from issuing fresh credit cards and onboarding new customers online. "We anticipate Kotak Mahindra Bank could potentially take a year to fully address the RBI's key concerns for …

Why Has RBI Barred Kotak Mahindra Bank from Adding New Customers Online? What’s Next for the Lender?
7 months, 4 weeks ago

Why Has RBI Barred Kotak Mahindra Bank from Adding New Customers Online? What’s Next for the Lender?

News 18  

Kotak Mahindra Bank cannot add new customers online or through mobile banking or issue fresh credit cards after the Reserve Bank’s directive. The RBI directed Kotak Mahindra Bank to “cease and desist”, with immediate effect, from “onboarding of new customers through its online and mobile banking channels” and “issuing fresh credit cards”. Analysts have called RBI’s action against Kotak Mahindra …

Kotak Mahindra Bank share price falls more than 11% following RBI order
7 months, 4 weeks ago

Kotak Mahindra Bank share price falls more than 11% following RBI order

Hindustan Times  

Shares of Kotak Mahindra Bank fell more than 11% after the Reserve Bank of India restricted the bank from issuing new credit cards and onboarding new customers via online channels. Kotak Mahindra Bank share price today: Kotak Mahindra Bank shares were down more than 11% after RBI's order. What RBI said about Kotak Mahindra Bank The central bank identified deficiencies …

Kotak Mahindra Bank cannot add new customers as per RBI order: Is your money in the bank safe?
7 months, 4 weeks ago

Kotak Mahindra Bank cannot add new customers as per RBI order: Is your money in the bank safe?

Hindustan Times  

Kotak Mahindra Bank was directed by the Reserve Bank of India to stop onboarding any new customers through its online and mobile banking channels. This means that Kotak Mahindra Bank cannot onboard new customers or issue fresh credit cards. RBI said it found “serious deficiencies and non-compliances in IT inventory management, patch and change management, user access management, vendor risk …

RBI Bars Kotak Bank From Issuing New Credit Cards, Onboarding Customers via Online Banking Channel
7 months, 4 weeks ago

RBI Bars Kotak Bank From Issuing New Credit Cards, Onboarding Customers via Online Banking Channel

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Wednesday barred private lender Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards. Experts said that the central bank’s action would impact the retail business of Kotak Bank which is the fastest growing business besides new customer acquisition through the 811 app. RBI …

Why is RBI so cranky about fintech firms after Paytm crisis?
10 months ago

Why is RBI so cranky about fintech firms after Paytm crisis?

Hindustan Times  

First, Paytm was asked to freeze its banking business, a crackdown so severe that India’s pioneering digital payments firm bled out nearly 60% of its market value in two weeks. While freezing fresh credits into Paytm Payments Bank accounts for “persistent non-compliances and continued material supervisory concerns,” RBI mandated that the bank terminate the nodal accounts of One 97 Communications …

Amid Paytm Payments Bank crackdown, Uday Kotak says ‘RBI knows better than you and I’
10 months ago

Amid Paytm Payments Bank crackdown, Uday Kotak says ‘RBI knows better than you and I’

Hindustan Times  

As the Reserve Bank of India continues its probe against Paytm Payments Bank and its alleged KYC irregularities, veteran banker Uday Kotak backed the move of the central bank on the recent developments. Uday Kotak, Founder, MD and CEO of Kotak Mahindra Bank Ltd While speaking regarding the ongoing Paytm Payments Bank matter, Kotak said he would not like to …

Uday Kotak’s board term likely under RBI's scrutiny
1 year, 7 months ago

Uday Kotak’s board term likely under RBI's scrutiny

Live Mint  

The Reserve Bank of India may be examining the proposal to re-appoint billionaire banker Uday Kotak as a non-executive director on the board of Kotak Mahindra Bank after his term ends in December, a person familiar with the matter said. According to a person familiar with the development, the RBI guidelines talk about a cooling period for managing directors and …

Kotak Mahindra Bank hikes lending rate by 5 bp across tenure. Check details
1 year, 10 months ago

Kotak Mahindra Bank hikes lending rate by 5 bp across tenure. Check details

Live Mint  

Following RBI's hike in benchmark policy rates, Kotak Mahindra Bank has increased its lending rates by 5 basis points across tenures. Notably, Kotak Mahindra Bank has joined the list of commercial banks who have increased their lending rates after the rise in RBI's repo rate. In addition to Kotak Mahindra Bank, several other commercial banks have also raised their lending …

RBI imposes Rs 1 cr penalty each on Kotak Mahindra Bank, IndusInd Bank
2 years, 5 months ago

RBI imposes Rs 1 cr penalty each on Kotak Mahindra Bank, IndusInd Bank

India TV News  

Highlights The RBI has also imposed penalties on four co-operative banks Kotak Mahindra Bank has been penalised for contravention of certain norms IndusInd Bank has been penalised for non-compliance with certain KYC norms RBI on Monday said it has imposed penalties of about Rs 1 crore each on Kotak Mahindra Bank and IndusInd Bank for deficiencies in regulatory compliance. A …

Savings Accounts Update: These 2 Banks Hike Interest Rates Recently; Check Here
2 years, 6 months ago

Savings Accounts Update: These 2 Banks Hike Interest Rates Recently; Check Here

News 18  

Bank Savings Account Rate Hike: The Reserve Bank of India, or RBI, has again hiked its repo rate by 50 basis points during its bi monthly Monetary Policy Committee meet held last week. Kotak Mahindra Bank Savings Account Interest Rate Hike “Kotak Mahindra Bank Limited today announced a rise in savings account interest rate as well as fixed deposit interest …

Kotak Mahindra Bank Hikes Interest Rates on FD, Savings Account; More Return For Investors
2 years, 6 months ago

Kotak Mahindra Bank Hikes Interest Rates on FD, Savings Account; More Return For Investors

News 18  

Kotak Mahindra Bank Rate Hike: Taking cue from the Reserve Bank of India, which further increased its repo rates by 50 basis points earlier this week, private sector lender Kotak Mahindra Bank also hiked savings account interest rate as well as fixed deposit interest rates across various tenors. “Kotak Mahindra Bank Limited today announced a rise in savings account interest …

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending
3 years ago

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending

News 18  

The Indian economy might have been “liberalized” since the early 1990s, yet a sector–banking–still exists where a license is given and the business model defined by the regulator. The need for regulation for digital banks arises as traditional universal banks like Kotak are already offering digital banking through their 811 service. These banks can leverage a new deposit base like …

Explained | Why has the RBI barred Mastercard from issuing new cards in India?
3 years, 5 months ago

Explained | Why has the RBI barred Mastercard from issuing new cards in India?

The Hindu  

The story so far: The Reserve Bank of India on Wednesday banned Mastercard from issuing new debit and credit cards to customers in India with effect from July 22. In 2018, the Indian central bank had issued a circular ordering card companies such as Visa, Mastercard, and American Express to store all Indian customer data locally so that the regulator …

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