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 Bank a “setback”. Citi wants Kotak Mahindra Bank to focus on branch expansion, and said the RBI actions will adversely impact the lender’s growth, Net Interest Margin and fee income.

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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 …

Jefferies upgrades Kotak Mahindra Bank's share price target: 5 reasons why
7 months, 2 weeks ago

Jefferies upgrades Kotak Mahindra Bank's share price target: 5 reasons why

Hindustan Times  

Kotak Mahindra Bank share price: Brokerage firm Jefferies upgraded its rating on Kotak Mahindra Bank Ltd to 'Outperform' from ‘Neutral’. The impact of the same on FY25-26 growth should be minimal and the bank showed in Q4 print that core operating metrics remain strong with headline profit adjusted for one-offs was 8 per cent ahead of JPMe.” Jefferies on RBI …

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 …

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 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 …

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 …

Home Loan at All-Time Low: Kotak Mahindra Bank Reduces Interest Rates, Check Here
3 years, 3 months ago

Home Loan at All-Time Low: Kotak Mahindra Bank Reduces Interest Rates, Check Here

News 18  

Bringing good news for home loan seekers in the upcoming festive season, Kotak Mahindra Bank has slashed its home loan interest rate by 15 basis points, bringing it down to 6.50% p.a. According to BloombergQuint, Kotak Mahindra Bank’s president for consumer assets, Ambuj Chandna confirmed that these lowered interest rates will be offered to loans of all sizes. However, this …

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