This year, Kotak Mahindra Bank is planning to recruit approximately 400 engineers. Recently, the Reserve Bank of India (RBI) made a significant decision to halt the opening of new accounts through the bank’s new credit cards and online channels due to a shortage in its IT infrastructure. In response to this situation, the bank has decided to hire engineers to strengthen its IT infrastructure.
Major Hirings in the Last 2 Years
According to Milind Nagnur, Chief Technology Officer of the bank, Kotak Mahindra Bank has recruited more than 500 engineers in the last two years. These engineers have been hired not only from reputable companies like Google and Amazon but also from companies like Paytm and PhonePe.
It is noteworthy that Nagnur and Bhavanish Lathia were appointed by the bank in 2022. Nagnur is considered a high-profile hire in the technology sector at Kotak, while Lathia was recruited in the customer experience department. Nagnur previously worked at the American fintech company Early Warning Services, while Lathia has nearly two decades of experience working at Amazon.
RBI Highlights Serious Issues
RBI had drawn attention to some critical issues. Information reveals that RBI disclosed serious shortcomings in areas such as IT inventory management, user access management, vendor risk management, data security, and data leak prevention strategy. These issues have been observed over the past two years, but the bank did not take any stringent actions.
Need to Address the Bank’s Shortcomings
Now, along with obtaining RBI’s approval, the bank will also review the bans imposed through its external audit. The bank has been ordered to address all shortcomings identified in RBI’s inspections and external audits.