Kotak Mahindra Bank Face Excess Debits From Their Bank A/cs On March 8

Kotak Mahindra Bank said some of its customers faced excess debits from their bank account on Monday (March 8,2021) owing to error on account of a public-sector lender. And the bank has reversed all such excess debits, said the bank.

Kotak Mahindra Bank Face Excess Debits Froam Their Bank A/cs On March 8

"A PSU Bank has claimed wrong amounts in the settlement file for card transactions done at merchant establishments managed by the PSU Bank's POS," said Rohit Rao, Chief Communication Officer, Kotak Mahindra Group, told a leading online business portal in an email respons."This has resulted in excess debit from customers' bank accounts on March 8. All such excess debits have already been reversed," Rao said.

The bank did not named the public run lender. Of late there have been witnessed several such glitches at various banks which have called for RBI's attention over the issue.
Amid technical snag, earlier the RBI stopped HDFC Bank to suspend all launches as part of the Digital 2.0 program. Also, the bank asked to check for the lapses and fix accountability.

There was reported a complete digital outage at HDFC Bank on November 21, 2020 when all transactions via the banks' card, UPI, IMPS and other modes failed.

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