RBI Action on Kotak Mahindra Bank | Kotak RBI Action Explained | समझिए कोटक का अब क्या होगा?
In this video we will discuss about recent action on Kotak Mahindra Bank by RBI - RBI has taken major action by raising questions on the working style of Kotak Mahindra Bank. Since then, there has been a ban on adding new customers online in Kotak Mahindra Bank. Along with this, there is also a ban on issuing credit cards.
Action Items banned by RBI:-
1. Onboarding of new customers through its online and mobile banking channels.
2. Issuing fresh credit cards
** The bank shall, however, continue to provide services to its existing customers, including its credit card customers.
1. These actions are necessitated based on significant concerns arising out of the Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
2. Serious deficiencies and non-compliances were observed in the areas of IT inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc
The story begins from here -
** For two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under Regulatory guidelines. During the subsequent assessments, the bank was found to be significantly non-compliant with the Corrective Action Plans issued by the Reserve Bank for the years 2022 and 2023, as the compliances submitted by the bank were found to be either inadequate, incorrect or not sustained.
Learning points in this video -
***Most Important things we will discuss below issues the points in detail, which were caused of this action on Kotak Mahindra Bank & how we can prevent these issues.
1. IT inventory management
2. Patch and change management
3. User access management
4. Vendor risk management
5. Data security and data leak prevention strategy
6. Business continuity and disaster recovery rigour and drill
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