Current Affairs · RBI Regulatory Interventions and Banking Audits
Case Study: In April 2024, the Reserve Bank of India (RBI) imposed severe operational restrictions on a leading private sector bank due to persistent IT system failures and infrastructure deficiencies. These curbs halted the bank's ability to digitally onboard new clients and issue new credit cards. To rectify these compliance gaps, the bank undertook a comprehensive IT overhaul, strengthening its internal tech capabilities and appointing an external auditor to assess its systems. Following compliance submissions and assessments, the RBI lifted these restrictions in November 2024. Based on the operational specifics of this regulatory action, which of the following combinations correctly identifies the bank in question and the specific external auditor it appointed to validate its IT infrastructure improvements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1State Bank of India; Grant Thornton Bharat
- 2Kotak Mahindra Bank; Grant Thornton Bharat✓
- 3HDFC Bank; Price Waterhouse Chartered Accountants LLP
- 4ICICI Bank; Price Waterhouse Chartered Accountants LLP
Correct answer
Kotak Mahindra Bank; Grant Thornton Bharat
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