Company Directory - Kotak Mahindra Bank Limited
Company Details - Kotak Mahindra Bank Limited
Kotak Mahindra Bank Limited
WebsiteMumbai, India
Kotak Mahindra Bank is one of India’s prominent private sector banks, offering a broad range of financial services including retail, corporate, investment banking, and wealth management solutions. It is recognized for its innovative digital initiatives and customer-centric approach in the dynamic Indian financial landscape.
CCI Score
CCI Score: Kotak Mahindra Bank Limited
-43.33
0.02%
Latest Event
Central Bank Ban on Digital Customer Sign-ups
The Reserve Bank of India halted Kotak Mahindra Bank’s digital customer onboarding after identifying serious deficiencies in IT risk and security governance, raising concerns about the bank's ethical practices and digital technology service reliability.
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Latest Events
- JAN012025
The Reserve Bank of India halted Kotak Mahindra Bank’s digital customer onboarding after identifying serious deficiencies in IT risk and security governance, raising concerns about the bank's ethical practices and digital technology service reliability.
-60
Business Practices and Ethical Responsibility
March 23
The RBI's intervention, citing 'serious deficiencies' in IT risk and security governance, indicates a failure in upholding ethical business practices. Such lapses compromise customer trust and suggest a disregard for rigorous internal controls, reflecting a broader issue in corporate responsibility.
India’s central bank bans Kotak Mahindra from signing up digital customers
-55
Technology and Services Impact
March 23
The bank’s inability to manage digital customer sign-ups safely demonstrates critical weaknesses in its digital technology services. These deficiencies not only impact operational reliability but also undermine consumer confidence in the bank's digital innovation.
India’s central bank bans Kotak Mahindra from signing up digital customers
- APR242024
RBI has imposed restrictions on Kotak Mahindra Bank following revelations that its promoter group, Infina Finance, donated Rs 60 crore in electoral bonds to the BJP. This move underscores troubling links between the bank's political contributions and potential support for authoritarian practices.
-60
Political Contributions and Lobbying Efforts
March 23
The donation of Rs 60 crore in electoral bonds by a promoter group associated with Kotak Mahindra Bank, as highlighted by the RBI crackdown, indicates problematic political contributions that may be facilitating authoritarian influences. Such opaque funding mechanisms can undermine democratic processes by enabling covert support for political entities with far-right leanings.
RBI cracks down on Kotak Bank promoter, donor of 60 cr electoral bonds
- APR242024
In April 2024, the RBI directed Kotak Mahindra Bank to halt onboarding new customers and issuing new credit cards due to significant deficiencies in IT governance. This event follows a history of non-compliance and fines in 2022 and 2023, highlighting systemic issues in operational diligence and digital security that undermine customer trust and ethical business practices.
-60
Business Practices and Ethical Responsibility
March 23
Kotak Bank's repeated non-compliance with RBI directives—evidenced by significant penalties in July 2022 and October 2023—for failing to implement robust IT governance practices including patch management, user access control, and data security measures, reflects a broader disregard for ethical business practices that can erode public trust and accountability in the financial sector.
RBI’s Clampdown on Kotak Bank: Examining IT Governance Directions and Its Impact on Stakeholders
-50
Technology and Services Impact
March 23
The RBI's directive exposes critical gaps in Kotak Bank's digital infrastructure, including inadequate IT risk management and vendor oversight. These deficiencies jeopardize customer data security and reliable digital service delivery, highlighting a failure in leveraging technology responsibly in a rapidly digitalizing banking landscape.
RBI’s Clampdown on Kotak Bank: Examining IT Governance Directions and Its Impact on Stakeholders
- APR152024
The RBI has imposed restrictions on Kotak Mahindra Bank by halting digital onboarding and credit card issuance due to persistent IT norms non-compliance, highlighting significant weaknesses in the bank's IT risk management and business practices.
-20
Business Practices and Ethical Responsibility
March 23
Kotak Mahindra Bank’s repeated failures to address IT risk management deficiencies led to RBI intervention. This reflects a concerning neglect in business practices and ethical responsibility, as the bank’s inability to secure its digital operations compromises customer interests and overall service reliability.
RBI Imposes Restrictions on Kotak Mahindra Bank for IT Norms Non-Compliance - Goodreturns
-15
Technology and Services Impact
March 23
The bank’s outdated IT infrastructure and repeated service outages undermine its capability to offer secure digital services, posing risks to data security and operational stability. This reflects negatively on its technological impact and overall responsibility in safeguarding customer digital interactions.
RBI Imposes Restrictions on Kotak Mahindra Bank for IT Norms Non-Compliance - Goodreturns
- MAR222024
Infina Finance, linked to Kotak Mahindra Bank through family ownership, donated electoral bonds worth Rs 60 crore to the BJP, raising concerns over the bank's involvement in funding political entities that many view as aligned with authoritarian agendas.
-50
Political Contributions and Lobbying Efforts
March 23
The donation of electoral bonds amounting to Rs 60 crore by Infina Finance, which is owned by the Kotak family and connected to Kotak Mahindra Bank, funds a political party (BJP) viewed by many anti-fascist groups as promoting authoritarian policies. This act is seen as a direct support to political entities that potentially encourage the rise of fascism, undermining efforts towards transparency and democratic accountability.
Kotak family-owned Infina Finance gives Rs 60 cr to BJP via electoral bonds
- JAN212020
A Kotak group firm, Infina Finance Private Limited, timed Rs 60 crore in electoral bond donations to the BJP to coincide with key RBI regulatory decisions that benefitted its leadership. This raises serious concerns about the role of corporate political contributions and executive alignment in bolstering authoritarian policies.
- JAN162020Kotak Mahindra Bank’s Donational Timing and CEO Extension Raise Concerns Over Political Influence
-29.55
Kotak Mahindra Bank, via its subsidiary Infina Finance, made electoral bond donations to the BJP, coinciding with key regulatory decision milestones regarding promoter stake adjustments and CEO tenure extensions. The orchestrated timing of these contributions and extended leadership tenure has raised scrutiny about the bank's potential complicity in bolstering far‐right influence and undermining regulatory integrity.
-60
Political Contributions and Lobbying Efforts
March 23
The subsidiary Infina Finance’s electoral bond donations totaling Rs 35 crore to the BJP were notably timed before key policy settlements with the RBI. This suggests an intent to exert political influence by aligning with a far‐right party, thereby compromising democratic regulatory processes and fueling authoritarian tendencies.
Kotak Donated Rs 60 crore To BJP Amid Crucial Decisions By RBI On Kotak Mahindra Bank
-40
Executive Political Engagement
March 23
Despite regulatory pressure, CEO Uday Kotak received a three-year extension, deviating from the applied norms. This exceptional treatment underscores the bank's executive political engagement and raises concerns about preferential regulatory capture that can indirectly support authoritarian ideologies.
Kotak Donated Rs 60 crore To BJP Amid Crucial Decisions By RBI On Kotak Mahindra Bank
- JAN012019
Kotak Mahindra Bank, through its joint venture Infina Finance with the Kotak family, purchased electoral bonds in multiple windows (2019, 2020, and 2021). This opaque mode of political funding raises concerns about corporate complicity in bolstering authoritarian practices by undermining transparency in political contributions.
-40
Political Contributions and Lobbying Efforts
March 23
Kotak Mahindra Bank's involvement in electoral bonds, via Infina Finance, highlights a troubling engagement in opaque political contributions. By facilitating large-scale, undisclosed donations, the bank is indirectly enabling a system that favors authoritarian political funding and undermines democratic accountability.
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