The Reserve Bank of India (RBI) has barred private sector lender Kotak Mahindra Bank (KMB) from issuing fresh credit cards and onboarding new customers through its online and mobile banking channel citing supervisory concerns.
Since this announcement, customers of Kotak Mahindra Bank are concerned about which all banking services of the private bank will be impacted due to this regulatory action by the central bank. To resolve all this confusion concerning the use of Kotak Mahindra Bank’s digital services we have brought our readers answers to the top 6 queries searched by the bank customers.
Read Full News Here – Why RBI Stops Kotak Mahindra Bank From Issuing New Customers
Here are top 6 FAQs answered:
Q.1 Should the customers of Kotak 811 accounts be worried?
Kotak811 is the bank’s digital banking subsidiary and a prominent online onboarding tool for new customers. According to The Economic Times report, the customers of Kotak 811, who have opened their accounts digitally, will not be impacted by the latest decision by the regulator. They can access their accounts through Internet Banking and the mobile banking application of Kotak Mahindra Bank. However, new customers will not be able to open Kotak 811 now after RBI’s restriction.
Q.2 Will you get services on your Kotak Mahindra Bank savings account or current account after RBI’s ban?
The RBI’s measure will impact the existing accounts of Kotak Mahindra Bank. Besides, other existing services that will remain unaffected for the bank’s customers include ATM cards, deposits, withdrawals, locker services, credit cards, mobile, and net banking facilities. In an official statement, the bank said, “We want to reassure our existing customers of uninterrupted services, including credit card, mobile and Net banking.”
Q.3 Can customers open a savings account at any Kotak Mahindra Bank branch?
The bank can onboard new customers via offline methods such as bank branches. So, in order to open an account in Kotak Mahindra Bank you can visit the bank’s nearest branch.
Q.4 Can I obtain a new credit card from Kotak Mahindra Bank?
No, you cannot obtain a new credit card from the private sector lender as the RBI has banned Kotak Mahindra Bank from issuing new credit cards.
Q.5 When will RBI lift its restrictions on Kotak Mahindra Bank?
In its press release dated April 24, 2024, the RBI said, “The restrictions now being imposed will be reviewed upon completion of a comprehensive external audit to be commissioned by the bank with the prior approval of RBI, and remediation of all deficiencies that may be pointed out in the external audit as well as the observations contained in the RBI Inspections, to the satisfaction of the Reserve Bank.”
Q.5 Can the bank customers apply for a new personal loan online?
No, users cannot apply for a personal loan online, even if they have a bank account.
