In observance of Buddha Purnima, banks in numerous Indian states will remain closed on May 23, 2024. This bank holiday is declared by the Reserve Bank of India (RBI) and affects banks in states such as Tripura, Maharashtra, Mizoram, Madhya Pradesh, Chandigarh, Uttarakhand, Arunachal Pradesh, Jammu, Uttar Pradesh, West Bengal, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh, and Srinagar. Digital banking services, however, will continue to be accessible for customers’ convenience.
India’s central bank, the Reserve Bank of India (RBI), has imposed restrictions on Kotak Mahindra Bank due to severe deficiencies in its IT systems and risk management practices. The bank has been ordered to halt onboarding new customers through online and mobile channels and cease issuing fresh credit cards. This action comes after extensive scrutiny and discussions with the RBI over the past two years, during which the bank failed to adequately address the concerns raised.
