India’s central bank has banned Kotak Mahindra Bank from signing up new customers for accounts or credit cards through its online presence and app. The ban came after what the Reserve Bank of India described as “Serious deficiencies and non-compliances … in the areas of IT inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc.” Kotak Mahindra Bank has over 41 million customers and more than $500 billion in assets under management.

Source: The Register