27th April 2024 Daily Current Affairs

Banking & Finance

1. RBI bars Kotak Mahindra Bank from onboarding new customers via online

• The RBI directed Kotak Mahindra Bank to stop onboarding of new customers through its online and mobile banking channels and also barred it from issuing fresh credit cards, with an immediate effect.
• The bank was found to be deficient in its IT Risk and Information Security Governance for the years 2022 and 2023.
• In the past two years, the RBI has been in continuous high-level engagement with the bank on all these concerns with a view to strengthening its IT resilience.

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