RBI Lifts Business Restrictions on Kotak Mahindra Bank

The Reserve Bank of India (RBI) has lifted the business restrictions imposed on Kotak Mahindra Bank Limited after the bank addressed supervisory concerns and implemented necessary remedial measures.

On April 24, 2024, the RBI directed the bank to cease onboarding new customers through its online and mobile banking channels and to stop issuing fresh credit cards. In response, Kotak



Mahindra Bank undertook corrective measures, submitted compliance reports, and commissioned an external audit with RBI’s approval.

After reviewing the bank’s submissions and the remedial steps taken, the RBI has now decided to remove the restrictions. A detailed communication has been issued to the bank regarding this decision.