Mumbai, April 25 -- The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank Limited to stop onboarding of new customers through its online and mobile banking with immediate effect and also barred the bank from issuing fresh credit cards.

The bank shall, however, continue to provide services to its existing customers, including its credit card customers, the RBI said.

"In the absence of a robust IT infrastructure and IT Risk Management framework, the bank's Core Banking System (CBS) and its online and digital banking channels have suffered frequent and significant outages in the last two years, the recent one being a service disruption on April 15, 2024, resulting in serious customer inconveniences. The bank is found to be mater...