Reserve Bank of India (RBI), has directed Kotak Mahindra Bank (KMB) to cease and desist, with immediate effect from onboarding new customers through the Bank’s online and mobile banking channels; and issuing fresh credit cards. “These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the … Read more
Uday Kotak has been leading Kotak Mahindra Bank (KMB) since its inception as a non-banking financial institution in 1985. It became a commercial lender in 2003. He has a net worth of about $13.4 billion. Mr Kotak will transition from his CEO position by the end of next year, after central bank guidelines capped tenures … Read more
With an intention to reduce non-banks business risks and focus on boosting credit growth, Reserve Bank of India (RBI) has asked banks to reduce their stake in insurance companies to 30%. The limit is 50% for NBFCs holding stakes in the insurance companies. Banks may get 3-5 years to implement this rule As per the … Read more
Mystery around Yes Bank’s future fails to die down… Over last few months everyone including investors, analysts, consumers and competitors are equally confused as to the future of Yes Bank. Lender’s capital raising plan is also passing through uncertainties and there are speculations on whether Yes Bank is an acquisition target, which has been denied … Read more