Kotak Mahindra Bank hires GT Bharat as external auditor to review IT system

Kotak Mahindra Bank (KMB) has appointed professional services firm GT Bharat as external auditor to check the corrective actions by the lender to address serious deficiencies in its IT system. The private sector lender has also beefed up internal teams to fix issues and tone up the working of the systems.

On April 24, 2024, the Reserve Bank of India (RBI) had asked the lender to stop immediately onboarding new customers through its online and mobile banking channels and issuing fresh credit cards. These actions followed significant concerns arising out of the Reserve Bank’s IT examination for the years 2022 and 2023 and the continued failure to address concerns in a comprehensive and timely manner.