Kotak Mahindra vows fix after RBI action

Mumbai: The top management of Kotak Mahindra Bank has gone into damage-control mode after RBI barred the lender on Wednesday from taking new customers online and issuing fresh credit cards with immediate effect. According to reliable sources, Chief Executive Officer and MD Ashok Vaswani in a letter to Kotak Mahindra Bank employees, attempted to allay their fears over the stringent action taken by the RBI against the bank. He has assured them that management would work on the issues raised in the RBI investigation so that they are resolved soon.

Vaswani, who succeeded Uday Kotak as the CEO recently, also mentions in the letter that the explosive growth in business through digital channels has necessitated a completely different level of tech infra, and the bank has been investing in building tech infra and in the resilience of tech platforms. In a bid to boost the morale of the staff, the CEO has also said that Kotak Mahindra Bank will continue to onboard new customers via non-digital channels and across all products other than credit cards.