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Kotak Mahindra Bank on a glitch in its accounts due to wrong claims by a PSU bank

According to reports, Kotak Mahindra Bank informed that a public sector bank’s technical glitch has resulted in excess debits on its customer accounts.

This is due to PSU’s wrongful claims on debit cards used on its point of sale terminals which Kotak reversed.

On March 8, Kotak account holders took to twitter to complain about the sudden loss from the bank accounts.

In fact, a customer had tweeted about how the technical glitch in Kotak Ban debited Rs 81,972 from his account.

The bank later confirmed reversing all such excess debits.

Moreover, multiple banks have witnessed technical glitches in the recent months that grabbed RBI’s attention.

This includes banks such as HDFC Bank and State Bank of India that have reported technical snags.

In December 2020, RBI urged HDFC bank to temporarily stop all digital business launches generating activities planned under its program.

This comprises of Digital 2.0 besides other proposed business generating IT applications and sourcing of new credit card customers.

Further, RBI demanded the bank’s board to analyse the lapses and fix accountability in order to rectify the errors.

However, HDFC Bank reported a massive digital breakdown back on November 21, 2020.

This is when all transactions via HDFC’s credit or debit cards, internet banking, UPI, IMPS, and other payment modes failed.

As a result, the bank immediately acted on it and rectified the issue therefore resolving it.

Meanwhile, this incident left the customers concerned on the reliability of HDFC Bank digital channels.

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