Dikhyaa Mohanty 
The Reserve Bank of India (RBI) delivered a significant blow to Kotak Mahindra Bank on Wednesday. Kotak Mahindra Bank has been instructed by the nation’s central bank and regulatory agency to cease accepting new clients via its online and mobile banking platforms.
In accordance with Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India has today instructed Kotak Mahindra Bank Limited (henceforth referred to as “the bank”) to immediately stop (i) onboarding new customers through its online and mobile banking channels and (ii) issuing new credit cards.
Kotak Mahindra Bank has also been restricted from issuing new credit cards. Existing customers won’t, however, be affected.
