TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
TheFinanceStory
No Result
View All Result
  • Login
  • Register
  TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
The finance story
No Result
View All Result
  • Login
  • Register
The Finance Story
No Result
View All Result

Kotak Bank subpar IT systems? CEO acknowledges insufficient technology investments

CEO of Kotak Mahindra Bank, reassured shareholders that the bank will undergo a rapid digital upgrade after acknowledging that they failed to invest adequately in technology.

Preeti Mondal by Preeti Mondal
Published date: 17th July, 2024
Last edited date: 19th July, 2024
SHARE (0)
Kotak Bank CEO Acknowledges Insufficient Technology Investments
Share on FacebookShare on Twitter
  • Kotak Mahindra Bank’s CEO highlights tech investment gaps amid RBI’s April 24th order to halt new online customer onboarding due to IT issues.
  • Big digital upgrade promised!
  • Here is what happened.

RBI’s ban and business restrictions. Here is why.

On April 24, 2024, The Reserve Bank of India (RBI) ordered Kotak Bank to cease onboarding new customers through its online and mobile banking channels and to stop issuing new credit cards.

The RBI’s action stemmed from significant concerns identified during its IT examination of the bank for the years 2022 and 2023.

They criticized Kotak Bank for its subpar IT systems, resulting in business restrictions.

These concerns were not addressed comprehensively and promptly by the bank, prompting the regulatory intervention.

Kotak Bank’s CEO – Digital upgrade promised

Kotak Mahindra Bank’s Managing Director and CEO, Ashok Vaswani, has admitted to shareholders that the bank’s investments in technology have been insufficient.

He added, “We had significantly stepped up resources and investments in technology. However, it is evident that we have more to do.”

In his letter, Vaswani stressed that Kotak Bank is fully aligned with the regulator.

Vaswani highlighted that technology will be central to Kotak Bank’s efforts to transform and scale.

He mentioned that the regulator’s priority is ensuring that customers are well taken care of in a responsible way…And that’s precisely what their management team is dedicated to.

So, there’s complete harmony between the regulators and the team.

Vaswani, who took charge on January 1, 2024, emphasized the need for increased resources and investments in technology in the bank’s annual report for 2023-24.

Also read: RBI bans Paytm Payments Bank: Action taken after multiple warnings about questionable transactions.

Also read: Zoho and Juspay get payment aggregator license from RBI: A good sign for fintechs in India

Responding to emerging challenges

Vaswani acknowledged that changing customer expectations, rapid business growth, and the evolving risk landscape require the bank to accelerate its pace.

He further stated that they are fully dedicated to improving their resources and efforts in this field, and as a team, they will succeed and take advantage of this opportunity to excel.

About Kotak Mahindra Bank

Kotak Mahindra Bank Limited, based in Mumbai, is an Indian financial institution that provides a wide range of banking and financial services to both corporate and retail clients.

Its offerings include personal finance, investment banking, life insurance, and wealth management solutions.

Profits: In the fiscal year 2024, the Bank’s profit after tax rose to ₹13,782 crore from ₹10,939 crore in FY23, marking a 26% year-on-year increase.

The Profit After Tax (PAT) for the fourth quarter of FY24 reached ₹4,133 crore, showing an 18% year-on-year growth from ₹3,496 crore in Q4FY23 (a 38% quarter-on-quarter increase from ₹3,005 crore in Q3FY24).

Employees: 73,481 employees as of March 2023

Leadership:

CEO & MD – Ashok Vaswani

COO – Mohan Shenoi

CFO – Devang Gheewalla

CTO – Milind Nagnur

CMO – Rohit Bhasin

Global CHRO – Anupam Kaura

Wrapping up

Vaswani reiterated that technology will be at the heart of Kotak Bank’s transformative efforts.

With these initiatives, Kotak Bank aims to address regulatory concerns and position itself for sustained growth and innovation in the future.

Preeti Mondal

Preeti Mondal

Recommended for you

India’s IT layoffs driven by Global Capability Centres, not just AI?
GCC

India’s IT layoffs driven by Global Capability Centres, not just AI?

18th August, 2025 | 3 mins read
BCG surpassed McKinsey by headcount...Thanks to talent from India!
Management Consulting

BCG overtakes McKinsey in Headcount…Thanks to talent from India!

18th August, 2025 | 3 mins read
KPMG Australia’s layoffs highlight the mounting challenges facing consulting firms worldwide—where a cooling market, rising cost pressures, and the urgent push toward AI and offshoring are forcing a complete rethink of the playbook.
Big 4

KPMG Australia cuts 635 jobs, while Partners pocket 10.3% pay rise

14th August, 2025 | 3 mins read
PwC triple revenues in India by 2030. Create 20,000 new jobs
Big 4

PwC triple revenues in India by 2030. Create 20,000 new jobs

14th August, 2025 | 3 mins read
Big 4 losing AI race while midzed, small & boutique firms winning
AI

Big 4 struggle with AI adoption, while midsized & boutique firms win

12th August, 2025 | 3 mins read
KPMG India Reappoints Yezdi Nagporewalla as CEO for Second Term
Big 4

KPMG India Reappoints Yezdi Nagporewalla as CEO for Second Term

7th August, 2025 | 3 mins read
Next Post
TCS to Hire 40,000 Freshers in 2024, Despite AI Job Concerns

TCS hiring 40,000 freshers amid global tech layoffs

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

Popular posts

  • Big 4 firms in India: Inside Deloitte, PwC, EY, & KPMG growth, careers and salaries

    Big 4 firms in India: Inside Deloitte, PwC, EY & KPMG career prospects, growth and salaries

    0 shares
    Share 0 Tweet 0
  • KPMG Partner quits and goes Boutique with high end advisory firm: Now has 5+ offices & 75+ team

    0 shares
    Share 0 Tweet 0
  • Designations in HDFC Bank: From Joining as an Assistant Manager to climbing to the rank of Managing Director.

    80 shares
    Share 0 Tweet 0
  • Big 4 India Partners jumping from one firm to another: High alert as Partner poaching surges

    0 shares
    Share 0 Tweet 0
  • CA Firms Kirtane & Pandit, Guru & Jana, SSKM unite to build India’s Next Big Global Consulting Firm

    0 shares
    Share 0 Tweet 0
  • Hierarchy level in ICICI Bank: Thinking of joining ICICI Bank? Here’s an overview of the employee grades.

    175 shares
    Share 0 Tweet 0
  • ICAI Under Fire: Women Removed from Front Row at CA Students’ Conference Following Guest’s Demand

    0 shares
    Share 0 Tweet 0
  • EY, PwC, Deloitte surpass 3,300 Partners. EY added 1000+ new Partners

    0 shares
    Share 0 Tweet 0
  • UK firm outsourced accounting work to India but quality dropped: Now established his own offshore unit

    0 shares
    Share 0 Tweet 0
  • Deloitte India offers ‘Golden Handshake’ to senior Partners aged 55 & above. Plans to elevate young partners.

    0 shares
    Share 0 Tweet 0
The Finance Story

The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends.

How? We spotlight key opportunities in India and globally, equipping finance professionals with the insights and strategies to drive business growth, optimize decision-making, and position their companies at the forefront

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • TFS Gulf
  • Entrepreneur Story
  • Finance Leaders
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert