The Reserve Bank of India (RBI), lifted its ban on Kotak Mahindra Bank, preventing it from issuing new credit cards. On April 24, 2024, RBI had directed Kotak Mahindra Bank to immediately stop issuing new credit cards. Additionally, it had imposed a ban on adding new customers through online and mobile banking channels. Explaining the reason for imposing these restrictions on the bank, the RBI had stated that between 2022 and 2023, it had expressed its concerns to the bank regarding inadequate IT infrastructure, but the bank consistently failed to address these shortcomings. Under Section 35A of the Banking Regulation Act 1949, the RBI exercised its power to take this action against Kotak Mahindra Bank. However, existing customers of the bank continued to receive all services as before. 3 major statements from RBIOriginal Article