Kotak mahindra bank share price
Due to the strict actions taken by Reserve Bank of India (RBI); indeed, the price of the share of Kotak Mahindra Bank drastically decreased by 10% on Thursday. Each share price of Kotak Mahindra Bank at Bombay Stock Exchange stood at ₹1,658.75 this drop by 10%.
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“In 2022 to 2023, it came to light that there were some problems with its computer systems at Kotak Mahindra bank which made the Indian Central Bank request that they stopped making new subscriptions on their phone applications or internet banking system as well as desist from giving out more credit cards for now.”
Kotak mahindra bank share
However, the bank does not consider that it will have a very negative impact on its general businesses because they have been struggling with their IT system henceforth they will collaborate with the RBI in sorting out any concern. Yet they said they would “pause credit cards, net banking and mobile banking.” Nonetheless, our existing customers can be sure about uninterrupted services including credit cards, mobile banking, and net banking. Nevertheless, new credit cards would be given out at the moment.
kotak bank share
According to experts, Kotak Mahindra Bank’s growth rate could be impaired due to the restrictions imposed by the RBI; nevertheless, they are convinced that an external audit may lead to the deletion of these measures provided that Kotak Mahindra Bank addresses all concerns within half a year.
According to some analysts, their opinion about Kotak Mahindra Bank shares and target price has been revised downward. They are of the view that the pace of the bank’s expansion will decelerate, more particularly because a substantial part of its new customer can only be reached through the internet.
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kotak bank news
Others believe that the reputation of the bank for good management may be affected by this, an aspect that has already faced decline with the exit of Uday Kotak; hence they advise on cautiousness while investing, to wait and see before deciding on anything.
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The bank’s earnings as well as costs could be impacted by RBI’s actions, Citi analysts suggest. Therefore, these controls could actually dent the profits of Kotak Mahindra Bank that does much of its business through digital channels, such as giving loans and issuing credit cards.
RBI bars Kotak mahindra bank
The reason for the drop in the bank share price is the stated above actions; it has dropped by ten percent on the exchange market.
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