Synopsis: The Reserve Bank of India imposed a temporary halt on Kotak Mahindra's customer onboarding for digital-only zero-balance savings accounts. In response, Ashok Vaswani, the MD & CEO of Kotak Mahindra Bank, assured existing customers of uninterrupted services and proactive efforts to address regulatory concerns.
The Reserve Bank of India put a halt on Wednesday to Kotak Mahindra's ability to onboard customers for its digital-only zero-balance savings accounts.
Ashok Vaswani, MD & CEO of Kotak Mahindra Bank, issued a letter ensuring uninterrupted services for existing customers. Read further to know more:
In response to the RBI's action, the MD & CEO of Kotak Mahindra Bank assured customers, the day after the regulatory restriction, that the bank is actively working to address concerns and maintaining constant communication with the regulator to promptly resolve any issues.
In a letter addressed to customers, Ashok Vaswani emphasized that the bank's operations remain uninterrupted for all existing customers across all service channels.
"While you retain access to all existing banking services, including branches, bank accounts, Credit/Debit cards, ATMs, and Mobile and net banking facilities, we have temporarily suspended the issuance of new credit cards," Vaswani conveyed in his message.
"We want to assure you that we are actively addressing raised concerns and are in continuous communication with the regulator to resolve any issues promptly," he added.
In conclusion, Ashok Vaswani, MD & CEO of Kotak Mahindra Bank, expressed heartfelt gratitude for customers' ongoing trust and reaffirmed the bank's commitment to upholding the highest standards and serving with excellence.
