KOTAK MAHINDRA BANK CREDIT CARD
Personal loans dearer post RBI risk nudge
Banks adapt to RBI's risk weight changes by adjusting rates and enhancing capital adequacy. The pricing of new loans reflects increased risk, ensuring stability in unsecured lending. Tightened underwriting standards support sustained growth and portfolio quality, aligning with regulatory directives to manage loan risks effectively.
Credit Card issuance soars despite worries over unsecured loans
Credit card base in India grew 18% YoY to reach 103 million, with HDFC bank adding the most new cards. However, Kotak Mahindra bank saw a sharp drop amid RBI restrictions. Card spending also grew 17% YoY to reach Rs 1.65 trillion. The credit card industry has seen a continuous decline due to caution about large unsecured loans and asset quality issues.
Nifty Bank hits fresh record highs; here are key levels to track on Thursday
The banking index continued on its upward trajectory stopping at a kissing distance from the 53,000 mark. Fresh call writing is visible at this level. According to experts, the undertone remained bullish, and a buy-on-dip approach is advisable with immediate strong support at the 52,500-52,400 level.
Gold loan interest rates in June 2024: Latest gold loan interest rates of 24 banks
A gold loan is a secured loan that allows you to leverage the value of your gold ornaments or jewelry to obtain funds. Latest gold loan interest rates offered by banks in June 2024.
Kotak Mahindra Bank to add up to 200 branches in FY25
Kotak Mahindra Bank plans to open 175-200 new branches in FY 2024-25, following a ban by the RBI on acquiring new digital customers due to IT deficiencies. This expansion aims to boost customer acquisition through physical branches while the bank strengthens its IT systems to comply with regulatory standards.
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
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Personal loan interest rates June 2024:Which bank is offering the lowest interest rate on personal loans
Personal loan interest rates June 2024: The interest rate on a personal loan varies across lenders and is determined by several criteria, such as the borrower's credit score, loan amount, and loan duration. Here is a list of banks' personal loan interest rates on different amounts.
4 easy ways to repay a huge credit card bill
Credit cards can be a useful tool for financial management, but overspending can lead to challenging debts. Here are tips to efficiently pay credit card bills.
InsuranceDekho in talks to acquire credit marketplace BankSathi: sources
Insurance marketplace InsuranceDekho, backed by investors like TVS Capital and Goldman Sachs Asset Management, will acquire a majority stake in BankSathi, which is a distributor of credit cards and personal loans, two people in the know said.
Kotak Bank's credit profile to improve over next 12 months: S&P
Despite the Reserve Bank of India's (RBI) restriction on onboarding new customers online and issuing fresh credit cards, Kotak Mahindra Bank is expected to improve its credit and funding profile over the next 12 months, according to S&P Global Ratings analyst Nikita Anand. Although the restrictions may impact the bank's growth and profitability, particularly in its high-yielding credit card segment, the bank has made significant technological advancements, including hiring a Chief Technology Officer.
S&P Global to observe India's fiscal glidepath for ratings upgrade
S&P Global Ratings will monitor India's fiscal consolidation efforts over the next two years for a potential sovereign ratings upgrade. Despite raising the outlook to "positive," the rating remains "BBB-." Focus is on India's fiscal deficit reduction targets, fiscal discipline with RBI's surplus transfer, and its ability to manage inflation.
Debit card decline charge: SBI, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, PNB, BoI
When customers try to take out cash or use their debit cards, but don't have enough money in their account, they get charged a fee. This fee is charged even though the bank doesn't incur any costs for a declined transaction.
Kotak Mahindra Bank net up 18% in Q4
Kotak Mahindra Bank is stepping up efforts and investments to resolve technology concerns raised by the banking regulator and regain approval to resume normal operations, said Ashok Vaswani, managing director and chief executive officer, on Saturday.
View: The Indian banks' tech you love is a banana peel for RBI battling potential scams
The Indian financial system, recovering from a history of bad loans, faces new challenges as banks grapple with technology pitfalls. Kotak Mahindra Bank Ltd. was recently penalised for security deficiencies, highlighting broader risks of fraud and system vulnerabilities in the digital age. Regulatory scrutiny intensifies amid concerns about financial stability and cybersecurity in the evolving landscape of digitisation.
Kotak Bank reveals how Indian banks fail to keep up with Modi's ambitions
Kotak Mahindra Bank Credit Card & Mobile Banking Curbs: Prime Minister Narendra Modi aims to export India's digital payments system worldwide, but faces obstacles as Indian banks struggle with outdated technology. Despite massive investments in tech to boost financial inclusion, banks are grappling with system glitches and cyber threats. The government urges modernization to safeguard the financial system and customer data.
RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P
S&P Global Ratings warned that RBI's recent regulatory action on Kotak Mahindra Bank could limit the bank's credit growth and profitability. The RBI prohibited Kotak Mahindra Bank from issuing new credit cards and onboarding customers online, impacting a key growth segment. S&P noted the bank may need to rely more on physical branch expansion, increasing operating costs. However, the impact on the bank's credit rating is expected to be minimal, as credit cards constitute a small portion of its total loans. S&P anticipates that Kotak Mahindra Bank may need around a year to address the RBI's concerns related to system stability and disaster recovery.
Kotak crackdown: The 'Regulatory Bank of India' is taking no chances
Kotak Mahindra Bank: The Reserve Bank of India (RBI) is cracking down on regulatory compliance in the banking industry, issuing strict penalties for non-compliance. Recent actions, including barring Kotak Mahindra Bank from new customer sign-ups, highlight the RBI's serious approach to enforcing regulations. The central bank's tougher stance aims to improve governance and transparency in the financial sector, despite potential impacts on growth and capital costs. The RBI's increased vigilance follows high-profile banking collapses and aims to prevent systemic risks while promoting a more robust and transparent financial system.
RBI action against Kotak Mahindra Bank: Is your Kotak 811 account safe? Can Kotak customers renew cards? 8 key queries answered
Kotak Mahindra Bank customers: The Reserve Bank of India (RBI) barred Kotak Mahindra Bank from onboarding new customers through online and mobile banking channels. The regulator also put restrictions on the private sector bank on issuing new credit cards. Should the customers of Kotak 811 worry about their accounts? Can Kotak Mahindra Bank customers renew their credit cards now? ET Wealth Online explains.
Kotak Mahindra Bank penalised by RBI: What happened on April 15, 2024, that was the final straw?
The Reserve Bank of India (RBI) has imposed restrictions on Kotak Mahindra Bank's digital onboarding and credit card issuance. This action follows concerns identified by the RBI regarding the bank's IT infrastructure and information security practices. RBI mentions, "...the bank’s Core Banking System (CBS) and its online and digital banking channels have suffered frequent and significant outages in the last two years, the recent one being a service disruption on April 15, 2024." What happened on April 15? Know all the details.
Operations continue uninterrupted: Kotak Mahindra Bank CEO Ashok Vaswani writes to customers amid RBI action
Kotak Mahindra Bank has reassured customers that all operations are continuing, despite the Reserve Bank of India (RBI) halting new customer sign-ups due to IT system failure. The bank's CEO, Ashok Vaswani, stated that customers can continue accessing existing banking services, but the issuance of new credit cards has been temporarily halted. Kotak Mahindra Bank is in constant communication with the regulator to resolve any issues.
Upside capped for Kotak Bank stock in near term, but downside's limited, too
"The digital acquisition of customers will be adversely impacted but the reputational impact is surprising since Kotak is considered to be a conservative bank with good processes and systems in place," said Kaitav Shah, banking analyst, Anand Rathi Brokerage.
Kotak Mahindra Bank is the latest student in RBI's classroom
The Reserve Bank of India's increased scrutiny on Kotak Mahindra Bank has resulted in a temporary halt on acquiring new customers through online and mobile banking channels and issuing fresh credit cards, causing a significant drop in the stock price of the private sector lender. However, the RBI has been taking incremental actions on financial institutions in recent years. Check the list.
Online credit card spends rise 20% YoY in March to a record high of Rs 1 lakh crore
In March, online credit card spending surged past Rs 1 lakh crore for the first time, hitting Rs 1,04,081 crore, marking a 20% rise from March 2023 and a 10% increase from February 2024. This reflected a growing trend of using cards for smaller purchases. HDFC Bank led the market share at 20.2%, followed by SBI, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.
Kotak Mahindra Bank faces RBI curbs: Will you be affected? Is your money safe?
The RBI on Wednesday prohibited Kotak Mahindra Bank from accepting new clients through its online and mobile banking channels and from issuing new credit cards with immediate effect, stepping up its crackdown on persistent noncompliance with IT regulations. The regulator found "serious deficiencies" in the lender's IT risk management. These actions, the RBI said, are necessitated based on significant concerns arising out of Reserve Bank's IT examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
RBI bars Kotak Bank from adding customers digitally
The Reserve Bank of India (RBI) has imposed strict restrictions on Kotak Mahindra Bank, a third-most valued private bank in India, for failing to fix its IT systems over the past two years. The bank was asked to stop functions cited "with immediate effect" and assured customers that there would be no interruption to services. Kotak Mahindra Bank has taken measures to strengthen its IT systems and will continue to work with the RBI to resolve balance issues at the earliest.
Kotak Bank to face timewise derating; may underperform for 12-18 months: Digant Haria
Digant Haria of GreenEdge Wealth discusses impact of RBI diktat on Kotak Bank, foreseeing continued underperformance and a potential shift in the banking sector towards PSU banks. Haria says: "I do not think Kotak will be the last bank to face these actions. This action can come on more banks and NBFCs in the coming months. I do not think this is the end of the regulator being not so gentle on them."
RBI asks Kotak Mahindra Bank to stop issuing fresh credit cards, onboarding fresh customers via mobile banking
The Reserve Bank of India (RBI) directed Kotak Mahindra Bank to halt new credit card issuance and customer onboarding via online and mobile banking due to identified operational deficiencies. This move, aimed at safeguarding customer interests, is part of RBI's regulatory measures concerning compliance and risk management issues at the bank.
Credit demand, asset quality power lenders to record valuations
An analysis by ETIG reveals that 62 out of the 73 banking and finance stocks in the BSE 500 and 31 out of 35 sector stocks in the BSE 200 now trade above their five-year average price-book (P/B) multiples on a trailing basis. The trend was similar when the current valuations were compared with the three-year average multiples.
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