Maintain Hold; cut target price to Rs 1,970 from Rs 2,050
RBI has pointed to material gaps in Kotak Bank's digital & security platforms over past 2 years
HDFC Bank faced similar action in 2020 and it took 9-15 months to clear issues
If resolution takes >6mths, it could affect revenues & costs
Credit cards has been among the fastest growing segments for Kotak with +20% YoY growth in customers & +50% growth in values
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