In early 2024, Kotak Mahindra Bank was barred from onboarding new customers and issuance of fresh credit cards on account of not complying with the data guidelines for customers in India. This is a process that HDFC Bank went through earlier on. RBI also barred American Express from issuing new cards. Diners Club and MasterCard were also banned on a network level. Now, we finally have some good news for those who want a Kotak Mahindra Bank Credit Card.
Reserve Bank of India allows Kotak Mahindra Bank to resume issuance of Credit Cards.
The Reserve Bank of India retracted the ban on Kotak Mahindra Bank on February 12, 2025. The RBI has allowed Kotak to resume onboarding fresh customers in India immediately.
पर्यवेक्षी प्रतिबंधों को हटाना: कोटक महिंद्रा बैंक लिमिटेड
Removal of Supervisory Restrictions: Kotak Mahindra Bank Limitedhttps://t.co/ZegUtRmBaf— ReserveBankOfIndia (@RBI) February 12, 2025
This should mean that Kotak Mahindra Bank will resume issuing credit card upgrades and other credit cards in the days ahead.
This is good news for Kotak Mahindra Bank and credit card users. I’d expect a more aggressive push into the market in the coming times from their end.
Bottomline
Expect to hear more from Kotak Mahindra Bank in the coming days as the bank starts to issue credit cards. The RBI removed their ban on the bank, which lasted for over ten months.
What do you make of the Kotak Mahindra credit card news and what do you expect from the Bank in the coming days?
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