RBI Bars Kotak Mahindra Bank From Onboarding New Customers Via Online, Mobile Banking

The Reserve Bank of India (RBI) on Wednesday barred private sector lender Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels, and from issuing fresh credit cards.

“The bank shall, however, continue to provide services to its existing customers, including its credit card customers,” the RBI said in a statement on April 24.

These actions were necessitated based on significant concerns arising out of the RBI’s IT examination of the bank in 2022 and 2023 and the bank’s continued failure to address these concerns in a comprehensive and timely manner, the RBI 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,” the RBI said.

It said the business restrictions were being placed 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, the RBI said.

Union minister Nitin Gadkari fainted during an election rally in Maharashtra's Yavatmal district on Wednesday afternoon. He is currently being treated by a team of doctors, said reports.

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Madhya Pradesh Lok Sabha Elections 2024: The state of Madhya Pradesh witnessed the phase 1 polling of the 2024 Lok Sabha elections on Friday, April 19, and registered a total of 64.77 per cent voter turnout for its six Lok Sabha seats. Chihindwara registered the highest voter turnout, with 73.85 percent, while Sidhi registered the lowest, with 51.56 percent voter turnout.

Madhya Pradesh, also known as the ‘Heart of India,’ is one of the most important states during any of the Lok Sabha Elections, as the high number of seats in the state makes it a high stake battleground for the political parties.

Madhya Pradesh is known for aligning its point of view with national issues, making the elections even more competitive, as all the parties want to claim the majority to prove their cause is supported by the people of all-important Madhya Pradesh.