Kotak Mahindra Bank says it has to do more to leverage technology
RBI ban on tech related loopholes, the newly appointed chief of Kotak Mahindra Bank, Ashok Vaswani in his maiden annual letter to shareholders has said that technology will be at the centre of the lender’s efforts to transform and scale further. Addressing the RBI order Vaswani added that the bank had much more to do to leverage technology.
“It is evident that we have more to do… Changing customer expectations, the dramatic pace of business growth and the emerging risk landscape have meant that we have to move at a much faster pace,” Vaswani said. “We are absolutely committed to further enhancing our resources and commitments in this area and I am very confident that collectively, as a team – we will deliver and use this as an opportunity to leapfrog. It is also very clear that technology is going to be at the centre of our efforts to transform and hence, scale.”
In April this year, the banking regulator had directed Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and banned it from issuing fresh credit cards.
The action was felt necessary by the regulator after the lender failed to plug gaps in its information technology (IT) systems. There were frequent outages in the bank’s core banking system and online channels in the last two years which inconvenienced the customers, the central bank had said.
Meanwhile the auditors of Kotak Mahindra Bank, Price Waterhouse LLP and KKC & Associates LLP also made specific statements on the bank’s IT infrastructure noting
