Kotak Mahindra Bank is working to repair the situation after being banned.

The leadership team at Kotak Mahindra Bank in Mumbai is currently in damage-control mode following the recent announcement from the RBI. The regulator has imposed restrictions on the bank, preventing them from acquiring new customers online and issuing new credit cards immediately. This news has caused concern among employees, but the Chief Executive Officer and Managing Director, Ashok Vaswani, has stepped in to reassure them.

In a letter addressed to all Kotak Mahindra Bank employees, Vaswani has acknowledged the seriousness of the situation and assured the team that the management is taking necessary actions to address the issues raised by the RBI. He has also emphasized that the explosive growth in digital banking has led to the need for a higher level of technology infrastructure, and the bank has been investing in this area to improve the resilience of its tech platforms.

In order to boost morale, Vaswani has also stated that the bank will continue to onboard new customers through non-digital channels and offer all other products, apart from credit cards. This decision has been made in the best interest of customers, as stated by the RBI in their order, which highlighted concerns about the bank's IT risk and information security governance.

The RBI has taken strict action to protect consumers and avoid any potential disruptions in the bank's ability to provide efficient customer service. The regulator has also underlined the importance of maintaining a secure financial ecosystem for digital banking and payment systems. Responding to the RBI's order, Kotak Mahindra Bank has released a statement expressing their commitment to working closely with the regulator to resolve the issues at the earliest.

The bank has also announced that they will conduct a comprehensive audit of their IT systems, under the supervision of the RBI, to ensure compliance with regulatory standards. This step further demonstrates their dedication to providing a safe and reliable banking experience for their customers. With the support of the RBI, Kotak Mahindra Bank is confident that they will be able to address the concerns raised and continue to serve their customers with the highest level of efficiency and security.

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