RBI bars Kotak Mahindra Bank from onboarding new customers via online, issuing fresh credit cards
Mumbai, Apr 24: The RBI on Wednesday barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect after the regulator found serious deficiencies in the lender's IT risk management.
These actions, the RBI said, are necessitated based on significant concerns arising out of Reserve Bank's IT examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
"Serious deficiencies and non-compliances were observed in the areas of IT inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc," the RBI's statement said.
For two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines, it added.
The Kotak Mahindra Bank has been directed "to cease and desist", with immediate effect, from onboarding of new customers through its online and mobile banking channels and issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card users.
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Kerala: NIT student ends life on campus
Kozhikode (Kerala) (PTI): A student of National Institute of Technology allegedly ended his life by jumping from a building inside the campus in this north Kerala district on Monday.
Kunnamangalam police said the deceased was identified as Yogeswar Nath, who was from outside Kerala.
"Prima facie, it is a case of suicide. He was found dead after jumping from the building. It is suspected that he took the extreme step at around 5.30 am," a police official said.
Further details can be disclosed only after a detailed investigation, the official added.
