Kotak Bank user? Alert! Your debit, credit card transactions may be affected in this period
In what comes as a not so great news for Kotak Mahindra Bank users, it has been announced that their debit cards and credit cards may not work at a specific time of the day on January 19, 2019 i.e., Saturday. In a notification to its users, Kotak Bank said that its systems will undergo maintenance on January 19 due to which debit cards and credit cards transactions might be impacted. This includes both online as well as offline transactions. Not just this, customers might not be able to withdraw money using debit cards from Kotak Mahindra Bank ATMs too. The bank has advised the customers to plan transactions beforehand.
Maintenance work will be done in two phases on Saturday. The first phase will be between 00:10 AM and 02:10 AM in the night while the second phase will be between 05:10 AM and 7:10 AM. During these four hours, Kotak Mahindra Bank customers might not be able to complete debit cards and credit cards transactions.
"Dear customer, to bring you a smoother banking experience, our systems will undergo maintenance on 19 January 19 (00:10 AM to 02:10 AM& 5:10 AM to 7:10 AM IST). Your Kotak Debit and Credit card transactions (online, offline and at ATM) will be impacted during this period. We thought we should let you know in advance so that you can plan your transactions accordingly. We regret the inconvenience caused," the notification from Kotak Mahindra Bank read.
Kotak Mahindra Bank vs RBI
Meanwhile, the bank's case against an RBI decision on promoter stake dilution is likely to come up for hearing before the Bombay High Court on Thursday next. The Kotak Mahindra Bank was asked to cut the promoter stake to 20 per cent by December 31, 2018, from 30 per cent earlier, and eventually to 15 per cent by March 2020.
In August, the bank announced an issue of PNCP (Perpetual Non Convertible Preference) shares to bring down the promoters' holding to 19.7 per cent. However, RBI had not approved this method of stake dilution after which Kotak Bank had filed an appeal with the Bombay High Court challenging the decision. Earlier in December, the court had refused to grant any interim relief to the bank.