India's central bank announces supervisory action on private bank

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India's central bank announces supervisory action on private bank

STORY: India's central bank announces supervisory action on private bank SHOOTING TIME: April 25, 2024 DATELINE: April 26, 2024 LENGTH: 00:01:32 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of the India Gate 2. various of the Reserve Bank of India 3. various of the Kotak Mahindra Bank STORYLINE: India's central bank, the Reserve Bank of India (RBI), on Wednesday announced a "supervisory action" on a private bank, the Kotak Mahindra Bank, directing it to cease and desist with immediate effect from onboarding of new customers through its online and mobile banking channels, including issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card customers, said an official statement of the RBI. The Kotak Mahindra Bank has over 1,800 branches across India with a customer base of more than 48 million. It received the banking license from the RBI in 2003, thus becoming the first non-banking finance company in India to conver

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