India's central bank announces supervisory action on private bank

NEW DELHI, April 24 (Xinhua) -- India's central bank, the Reserve Bank of India (RBI), on Wednesday announced a "supervisory action" on a private bank, the Kotak Mahindra Bank, directing it to cease and desist with immediate effect from onboarding of new customers through its online and mobile banking channels, including issuing fresh credit cards.

The bank shall, however, continue to provide services to its exi