MUMBAI: Kotak Bank MD & CEO Ashok Vaswani has admitted that investments in technology were inadequate, saying it will be ramped up. He also said that the bank is fully aligned with the regulator.
In a letter to shareholders, Vaswani said, “We had significantly stepped up resources and investments in technology. However, it is evident that we have more to do.”
RBI had pulled up Kotak Bank and placed business restrictions after finding that its IT systems were not up to the mark.
Vaswani said, “the regulator wants us to take care of our customers and do that in a prudent manner… That is exactly what the management team seeks to do. Hence, there is no ray of light between the regulators and the team.”
Kotak Bank had a disagreement with RBI when the regulator refused to accept the issuance of preference shares as dilution of capital.
In a letter to shareholders, Vaswani said, “We had significantly stepped up resources and investments in technology. However, it is evident that we have more to do.”
RBI had pulled up Kotak Bank and placed business restrictions after finding that its IT systems were not up to the mark.
Vaswani said, “the regulator wants us to take care of our customers and do that in a prudent manner… That is exactly what the management team seeks to do. Hence, there is no ray of light between the regulators and the team.”
Kotak Bank had a disagreement with RBI when the regulator refused to accept the issuance of preference shares as dilution of capital.
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