Case Brief
The Reserve Bank of India has withdrawn the Section 35A business restrictions that were earlier placed on Kotak Mahindra Bank Limited on April 24, 2024. Those restrictions had barred the bank from onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards. RBI said the bank undertook remedial measures, submitted compliances, and commissioned an external audit with RBI’s prior approval to validate the compliances. Based on these steps, RBI decided to lift the restrictions and issued a detailed communication to the bank.
Action Snapshot
- Primary Impact
- Lifted
- Entity Type
- Bank
- Action Type
- Action lifted