RBI lifts restrictions on Kotak Mahindra Bank on onboarding new customers

Ten months after the Reserve Bank of India (RBI) imposed business restrictions on Kotak Mahindra Bank, the regulator on Wednesday revoked its decision after being satisfied with the remedial actions taken by the lender.

In its response to the RBI decision, the lender said it would continue to work in tandem with the regulator to shortly resume taking on new customers digitally and issuing fresh credit cards.

With this, the “cease and desist” order for all banks and non-banking financial companies stands removed, except that for Paytm Payments Bank.