RBI bars Kotak Mahindra Bank from taking on new customers for both bank accounts and credit cards digitally.
RBI has stated that this key step is being taken after due diligence and looking into the IT audits of the bank from the past 2 years. It was determined that the bank's IT infrastructure has some deficiencies/vulnerabilities which can lead to data leaks in future.
A similar ban was levied on HDFC Bank for about nine months from December 2020 - August 2021.
HDFC had got de-rated by 20% during this ban.
From 3.5x P/B to 2.8x P/B
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