Kotak Bank deposit growth may be hit, shares fall 11%

On Wednesday evening, the Reserve Bank of India (RBI) barred the Uday Kotak-promoted lender from onboarding new customers through its online and mobile banking channels and directed them to stop issuing new credit cards. The regulator cited “serious deficiencies and non-compliances” and “continued failure on the part of the bank to address these concerns in a comprehensive and timely manner.”

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