No interruption of services for current customers: Kotak Mahindra Bank

The bank has stated that it is working with the RBI to address remaining issues and has assured existing customers that services will continue without disruptions. It has also mentioned that new customers can be onboarded at its branches.

The bank has taken measures to adopt new technologies to strengthen its IT systems and has committed to working with the RBI to swiftly resolve balance issues. They have reassured existing customers that services, including credit card, mobile, and net banking, will continue uninterrupted.

Additionally, they continue to welcome and onboard new customers, providing them with all the bank’s services, except for the issuance of new credit cards. The central bank stated that serious deficiencies and non-compliances were observed in IT inventory management, patch and change management, user access management, vendor risk management, data security and leak prevention strategy, and business continuity and disaster recovery rigour and drill.

For two consecutive years, the bank was found to be deficient in its IT Risk and Information Security Governance, contrary to regulatory guidelines.