India's central bank on Wednesday lifted restrictions on Kotak Mahindra Bank that had barred the lender from onboarding new customers through its online channels and issuing new credit cards.

Kotak Mahindra Bank’s share price rose 2.25% to an intra-day high of Rs 1,987.70 after the Reserve Bank of India lifted restrictions on the private lender, enabling it to onboard new customers via online channels.

The RBI had imposed restrictions on Kotak Mahindra Bank due to concerns over its IT management. It noted that the bank had consistently failed to address "serious deficiencies and non-compliances"

India's central bank on Wednesday lifted restrictions on Kotak Mahindra Bank that had barred the lender from taking on new customers via its online and mobile banking channels and from issuing new credit cards.

Reserve Bank of India has removed restrictions on Kotak Mahindra Bank, enabling the bank to restart its credit card offerings and onboard new customers via digital platforms.

Kotak Mahindra Bank share price today. The stock was up 10 per cent at Rs 2,137.60 on BSE in the pre-open trade, The resumption of digital onboarding of customers may aid in acquisition of savings accounts and cross-sell of products.

Kotak Mahindra Bank's shares rose after the RBI lifted restrictions on issuing new credit cards and opening accounts through online or mobile banking. Banks, including HSBC, JP Morgan, Morgan Stanley,