The Reserve Bank of India (RBI) has removed the regulatory restrictions imposed on Kotak Mahindra Bank, including restrictions on onboarding new customers from online and mobile banking channels and issuing fresh credit cards, the regulator said in a statement.
“The bank initiated remedial measures to address the supervisory concerns and submitted compliances to the Reserve Bank. The bank also commissioned an external Audit, with prior approval of RBI, to validate the compliances. Now, having satisfied itself based on the submissions, and remedial measures undertaken by the bank, the Reserve Bank, has decided to lift the afore-mentioned restrictions placed on Kotak Mahindra Bank,” it said.
The central bank had imposed these restrictions on the bank on April 24, 2024, after the lender was found in serious violation of regulatory norms. With the removal of these restrictions, the bank can continue onboarding customers via online channels and adding new credit card customers.
