According to the RBI, problems that were brought up during the 2022 and 2023 system audits of Kotak Mahindra have not yet been sufficiently resolved.

The Bundesbank states: "For two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance."

According to the RBI, significant flaws and noncompliance were discovered in the areas of data security, business continuity planning, vendor risk management, user access management, patch and change management, and IT inventory management.

The fourth-biggest private lender in India, Kotak Mahindra, claims to have "taken measures to adopt new technology to strengthen its IT systems". New customers can visit branches for onboarding, while current customers are unaffected.

Following a protracted IT breakdown, the RBI barred HDFC Bank from opening new credit card accounts or introducing new digital banking services in 2020.