The Reserve Bank of India had imposed these restrictions on Kotak Mahindra Bank on 24 April 2024. Shares of Kotak Mahindra Bank closed at Rs 1943.30 on the Bombay Stock Exchange on Wednesday with a gain of 1.35 per cent.

What did RBI say on lifting the ban?

The central bank had instructed Kotak Mahindra Bank to stop adding new customers and issuing new credit cards through its online and mobile banking channels. Now the Reserve Bank has said that the bank took necessary steps to rectify its shortcomings and followed all the rules. Apart from this, an external audit was also conducted with the approval of the central bank so that these improvements could be confirmed.

Why did RBI impose restrictions?

RBI imposed restrictions on Kotak Mahindra Bank because deficiencies were found in the technical and security systems of the bank during the IT examinations of 2022 and 2023. The bank was repeatedly asked to rectify these problems, but timely and complete solutions were not provided. For this reason, restrictions were imposed on the bank.

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The DGCA said that the plan submitted by GoFirst to resume operations on June 26 has been studied and accepted by the regulator. DGCA said that GoFirst can start flight operations again with conditions.

DGCA said in these conditions that for this it is very important for airlines to have Air Operator Certificate at all times. Also, the aircraft used in the operation should be in a better condition to fly. No aircraft should be used in operation without a handling flight. DGCA said that any change in the company, which has an impact on the plan submitted by the resolution professional, should be immediately made available to the DGCA. DGCA said that the resolution professional will have to provide information about flight schedules, aircraft condition, pilots, cabin crew, AMEs, flight dispatchers to the regulator.

DGCA said that scheduled flight operation can be started after availability of interim funding and approval of flight schedule from DGCA. Along with this, the sale of flat tickets can also be started only after getting permission from DGCA. DGCA said that the resolution professional will have to provide information sought by DGCA from time to time.

On Thursday itself, GoFirst had informed by tweeting that the airlines have canceled all flights till July 23, for which the airlines had expressed regret to the passengers.

The post Go First Update: Go First will be able to fly again, DGCA gives permission to fly with conditions first appeared on Rightsofemployees.com.