The Reserve Bank of India (RBI) has ordered Kotak Mahindra Bank to halt the issuance of new credit cards and the onboarding of new customers through online and mobile banking channels due to significant compliance and risk management deficiencies. This directive does not affect existing customers, including credit card holders. The RBI’s decision stems from deficiencies and non-compliances observed during IT examinations of the bank in 2022 and 2023. Despite corrective action plans issued by the RBI, the bank has failed to adequately address these concerns. The restrictions will remain in place until an independent audit authorized by the RBI is completed and the identified shortcomings are rectified.