Why has RBI taken action against Kotak Mahindra Bank?

The RBI barred Kotak Mahindra Bank from onboarding new customers online and issuing fresh credit cards due to "significant concerns arising out of IT Examination for 2022 and 2023". "Serious deficiencies and non-compliances observed in IT inventory management, patch & change management, user access management, vendor risk management, data security and data leak prevention strategy," the RBI said.