Posted by New Delhi: Kotak Mahindra Bank on Wednesday clarified that it does not anticipate any material effects from the RBI order barring the lender from onboarding new clients and issuing credit cards, according to an exchange filing. The central bank flagged shortcomings in the company’s IT systems and failure to comply with directions as reasons behind the step.
The bank was taking concrete steps to rectify the lacuna and comply with the RBI’s directives, said the lender. It intends to work with the central bank to resolve the issues at the earliest, according to the filing.
Who will get affected?
The bank clarified that existing customers will continue to have access to uninterrupted services, said Kotak Mahindra Bank. These include:
Credit cards
Mobile banking
Net banking
The lender said it plans to onboard new customers except in the credit card division.