Kotak Mahindra Bank CEO Provides Reassurance to Customers After RBI Action on Essential Services

Kotak Mahindra Bank Ltd.’s Chief, Ashok Vaswani, reassured existing customers about uninterrupted operations and access to all banking services. He posted a letter on social media announcing this after the Reserve Bank of India imposed curbs, causing a drop in the bank’s stock and a reduction in target price by brokerages. In the letter, Vaswani, managing director and chief executive officer, emphasized that all existing customers can continue to access banking services, including branches, bank accounts, credit/debit cards, ATMs, and mobile and internet banking facilities.

He also mentioned that the bank is actively working to address concerns raised and is in constant communication with the regulator. A social media post on the bank’s official account featured an image of the letter but was later deleted. Vaswani also sent an email to employees, acknowledging the need for a different level of technology infrastructure due to the explosive growth of the bank through digital channels.

He assured the resolution of all issues raised by the RBI. These actions aim to reassure customers and employees of the bank’s commitment to resolving any issues promptly.