Indian bank’s IT is so shabby it’s been banned from opening new accounts

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Indian bank’s IT is so shabby it’s been banned from opening new accounts
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After two years of warnings, and outages, regulators ran out of patience with Kotak Mahindra Bank

India’s central bank has banned Kotak Mahindra Bank from signing up new customers for accounts or credit cards through its online presence and app.

Kotak Mahindra Bank has over 41 million customers and more than $500 billion in assets under management. The Bank’s FY 22/23“For two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance,” the central bank“Compliances submitted by the bank were found to be either inadequate, incorrect or not sustained,” according to the Reserve Bank.

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