RBI bars Kotak Mahindra Bank from onboarding new online customers, issuing credit cards

New Delhi [India], April 24 (ANI): The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank to cease onboarding new customers through its online and mobile banking channels, and issuing fresh credit cards.

This direction will come into effect immediately.

The bank shall, however, continue to provide services to its existing customers, including its credit card customers.

RBI, in a statement, noted that these actio