Tag: Kotak Mahindra Bank

21Oct By editor3No Comments

Business News, Feature

Kotak Mahindra Bank Announces Results

Mumbai,  October, 2024. The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2024, at the Board meeting held in Mumbai, today. Consolidated results at a glance Consolidated PAT for Q2FY25 was ₹ 5,044 crore, up 13% YoY from ₹ 4,461 crore in Q2FY24. PAT of Bank and key subsidiaries given below: PAT (₹ crore)Q2FY25Q2FY24Kotak Mahindra Bank3,3443,191Kotak Securities444324Kotak Mahindra Life Insurance360247Kotak Mahindra Prime269208Kotak Asset Management &Trustee Company197124Kotak Mahindra Investments141126Kotak Mahindra Capital Company9027BSS Microfinance16108 At the consolidated level, Return on Assets (ROA) for Q2FY25 (annualized) was 2.53% (2.68% f...

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19Oct By editor3No Comments

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Kotak Mahindra Bank to Acquire Standard Chartered Bank, India’s Personal Loan Book

Mumbai, October 2024. Kotak Mahindra Bank Limited (“KMBL”) today announced that it has entered into an agreement to acquire the Personal Loan book (“Proposed Transaction”) of Standard Chartered Bank, India, further strengthening its position in the Retail Credit market. As of September 30, 2024, Proposed Transaction comprises a total loan outstanding of around ₹4,100 crore (equivalent to ~$490 million). The Proposed Transaction consists of loans classified as “Standard Loans” as per the Reserve Bank of India (RBI) guidelines. The transaction is expected to be completed over the next three months, subject to regulatory and other approvals and the satisfaction or waiver of customary closing conditionsand KMBL will acquire the loan book, which will be outstanding closer to the completio...

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19Sep By editor3No Comments

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Kotak Mahindra Bank to offer an exciting Cash-back on the all-new iPhone 16 lineup in India

Mumbai,  September 2024. Kotak Mahindra Bank Limited (“KMBL/Kotak”) is offering exciting deals on the new iPhone 16 line up, featuring larger display sizes, Camera Control, innovative pro camera features, and a huge leap in battery life — powered by the fast, efficient A18 Prochip and built for Apple Intelligence. Through this special offer Kotak’s credit card customers will enjoy an instant cash-back of Rs5000 on the purchase of the new iPhone 16 series using Kotak Credit Card and Credit Card EMI. The offer is also valid on Apple Watch Series 10, Apple Watch Ultra 2, AirPods 4 and AirPods 4with ANC. The purchases becomes even more affordable with the Credit Card EMI, where the bill amount is split in to affordable monthly payments with 6 month No Cost EMI. The offer can be avai...

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11Aug By editor3No Comments

Feature, National News

Kotak Mahindra Bank Announces Appointment of Kedarswamy Ravangave as Head of Marketing for Consumer and Commercial Bank

Mumbai, August 2024. Kotak Mahindra Bank Ltd (“KMBL” / “Bank”) announced the appointment of Kedarswamy (Kedar) Ravangave as Head of Marketing for Consumer and Commercial Bank. Kedar joins Kotak Mahindra Bank from Amazon India, where he was a pivotal member of the leadership team, driving marketing, brand, and category initiatives. With extensive experience across esteemed organizations like Marico and Amazon India, Kedar brings a wealth of knowledge and expertise to Kotak. He holds a B.Tech in Electronics and Communication from Malaviya National Institute of Technology Jaipur and an MBA from Symbiosis Institute of Business Management, Pune. Kedar will be working closely with Consumer and Commercial Bank business teams on driving marketing initiatives and shall report to Rohit Bhas...

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25Jul By editor3No Comments

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Kotak Mahindra Bank Appoints SK Honneshas Group General Counsel

Mumbai, 25th July 2024. Kotak Mahindra Bank Ltd. (“KMBL” / “Bank”) today announced the appointment of SK Honnesh as Group General Counsel. With over 25 years of distinguished experience in Legal and Compliance, Honnesh brings valuable expertise to the role. As Group General Counsel, he will oversee Legal, Secretarial, and Compliance functions across the Kotak Group. Honnesh joins Kotak from Piramal Enterprises Limited, where he served as Group General Counsel for nearly 12 years. Prior to this, he held the position of Vice President – Legal at Reliance Industries Limited. A graduate of National Law School of India University, Bengaluru, and a member of the Bar Council of Maharashtra and Goa, Honnesh brings extensive expertise in managing strategic transactions, legal issues and li...

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20Jul By editor3No Comments

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Kotak Mahindra Bank Announces Results for Q1 FY25

Mumbai, 20th July, 2024. The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter ended June 30, 2024, at the Board meeting held in Mumbai, today. Divestment of stake in Kotak General Insurance to Zurich Insurance Group Q1FY25 saw the completion of a landmark deal in General Insurance sector with Zurich Insurance Group taking a 70% stake in Kotak General Insurance. The alliance brings together Zurich’s global insurance leadership and scale with Kotak’s local expertise and reach. Post this transaction, KMBL holds 30% stake in KGI and will continue to act as corporate agent of KGI for distribution of general insurance products. The above transaction has resulted in an increase in the consolidated PAT by ...

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16Jul By editor3No Comments

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Kotak Mahindra Bank Announces New Distribution Structure to Enhance Customer Experience

Mumbai, 16th July 2024. Aligned to its vision of keeping customer at the centre, Kotak Mahindra Bank Limited (“KMBL”/“Kotak”)today unveiled its new Distribution structure as part of its growth strategy. This is aimed at bringing together all the ways in which our customers interact with the Bank and to deliver an omni-channel seamless experience across all Group products and services, thereby elevating service standards and operational efficiency. The Distribution structure integrates the Physical branch network, Digital Branch channel (encompassing Mobile Banking and Net Banking platforms) and the Voice channel. This strategic initiative aims to ensure a seamless experience for customers across all interaction channels by building synergy and improving service delivery. To leadth...

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3Jul By editor3No Comments

Automobile News, Business News, Feature, National News

Amit Mohan, President, Logistics and Infrastructure, Kotak Mahindra Bank on Commercial Vehicle Industry Sales Figure

New Delhi, July 2024. ’Passenger transport segment demand continues to be strong even as the overall Commercial Vehicles space has been flat from May 24. On a YOY basis for June 2024, there is a 6% de-growth. Even in the Q1 nos, the CV sales show a meagre 1% gain, YOY. Relative to our expectations of 4-5% growth in Q1, the industry growth remained moderated owing to general elections and the heatwave which had restricted the momentum to some extent. In June’24, LCV segment has shown good growth over the last year while CV largely remains flat & SCV has registered de-growth. Although there is de-growth in goods segment but the momentum in the passenger segment continues and it has grown by 55% over June’23. This augurs well for the passenger transport segment which is witness...

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19May By editor3No Comments

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Kotak Mahindra Bank Appoints Ms. Ketaki Bhagwati as an Independent Director on its Board

Mumbai, 19 May 2024. Kotak Mahindra Bank Limited ("Bank") today announced the appointment of Ms. Ketaki Bhagwati as an Independent Director on the Bank’s Board for a period of four years, effective May 18, 2024, subject to the approval of the members of the Bank. Announcing the appointment, Mr. C S Rajan, Independent Director and Part-time Chairman, Kotak Mahindra Bank, commented, “We are elated to welcome Ms. Ketaki Bhagwati to the Bank’s Board of Directors. Her extensive experience of over three decades in the banking and financial services industry will help the Bank achieve its growth objectives in the coming months and years. The Board looks forward to working together with Ms. Bhagwati and benefiting from her guidance in key business segments.” Ms. Bhagwati currently serves ...

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4May By editor3No Comments

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Kotak Mahindra Bank Announces Results

Mumbai, 4thMay, 2024. The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the auditedstandaloneandconsolidatedresultsforthequarterandfinancialyearendedMarch31,2024,atthe Board meeting held in Mumbai, today. KotakMahindraBankstandaloneresults The Bank’s PAT for FY24 increased to ₹ 13,782 crore from ₹ 10,939 crore in FY23, up 26% YoY. PAT for Q4FY24stoodat₹4,133crore,up18%YoYfrom₹3,496croreinQ4FY23(up38%QoQfrom₹3,005crore in Q3FY24). Net InterestIncome(NII)forFY24increasedto₹25,993crore,from₹21,552croreinFY23,up21%YoYand for Q4FY24 increasedto ₹6,909 crore, from ₹ 6,103 crore inQ4FY23, up 13%YoY (up 5% QoQfrom ₹ 6,554 crore in Q3FY24). Net Interest Margin (NIM) was 5.28% for Q4FY24. Fees and services for FY24 increased to ₹ 8,464 crore from ₹ 6,790 crore in FY2...

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1May By editor3No Comments

Feature, National News

Kotak Announces Departure of KVS Manian, Joint Managing Director from the Group

Mumbai, May 01, 2024. Kotak Mahindra Bank (‘the Bank’) today informed the exchanges that KVS Manian, Whole Time Director designated as Joint Managing Director has stepped down from his position to pursue other opportunities in the Financial Services sector. The Board has accepted his resignation with immediate effect. Leveraging its strong leadership strength, the Bank announced a new reporting structure to drive a sharper focusand leadership oversight to its business. The Wholesale, Commercial and Private Bank will now report directly to Ashok Vaswani, Managing Director&CEO, while the Asset Reconstruction Division will report into Shanti Ekambaram, Deputy Managing Director. Shanti will also oversee the Investment Banking and Institutional Equities businesses. Commenting on...

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24Apr By editor3No Comments

Feature, National News

Kotak Mahindra Bank barred from onboarding new online customers

New Delhi, April 24, 2024. The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels on Wednesday. "The Reserve Bank of India has today, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited (hereinafter referred to as ‘the bank’) to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards," said RBI in its statement.

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13Mar By editor3No Comments

Feature, Health News, National News

Kotak Organises ‘Sehat Ka Safar’ – Nationwide Health Checkup Drive for Truck Drivers

Mumbai, March, 2024.  Kotak Mahindra Bank ("KMBL" / "Kotak") has unveiled the 2nd edition of 'Sehat Ka Safar', a Kotak Karma initiative, dedicated to prioritizing the physical well-being of truck drivers nationwide. Under this initiative, Kotak is hosting complimentary health check-up camps tailored specifically for this vital workforce. These camps will offer free medical consultations and a range of tests, addressing the health and wellness needs of around 3,000 truck drivers across the country through ‘Sehat Ka Safar’. Services such as eyecheck-ups, assessments by physiotherapists/orthopedic specialists for posture evaluation, dental checks for initial screenings of oral cancer, and an overall health check covering blood pressure, blood sugar among others, will be provided. A...

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21Jan By editor3No Comments

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Kotak Mahindra Bank Announces Results- Q3 FY2023-24

Mumbai, January, 2024. The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter and nine monthsended December 31, 2023, at the Board meeting held in Mumbai, today. Kotak Mahindra Bank standalone results The Bank’s PAT for 9MFY24 increased to ₹ 9,648 crore from ₹ 7,444 crore in 9MFY23, up 30% YoY. PATfor Q3FY24 stood at ₹3,005 crore, up 8% YoY from ₹ 2,792 crore in Q3FY23.  Q3FY24 results for the Bank include ₹143 cr provision (post tax) on applicable Alternate Investment Fund (AIF) investments pursuant to RBI’s circular dated December 19, 2023. Net Interest Income (NII) for 9MFY24 increased to ₹ 19,084 crore, from ₹ 15,449 crore in 9MFY23, up 24% YoY and for Q3FY24 increased to ₹ 6,554 crore, from...

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3Jan By editor3No Comments

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Anupam Kaura joins Kotak Mahindra Bank as its Chief Human Resources Officer

Mumbai,3rd January 2024. Kotak Mahindra Bank Limited (“KMBL”/“Kotak”)today announced the appointment of Anupam Kaura as Chief Human Resources Officer (CHRO) to spearhead organizational transformation, in the journey of ‘accelerating change’at Kotak. Anupam joins Kotak from CRISIL Ltd, London, UK where as Global Chief Human Resources Officer (CHRO) and overseeing Corporate Administration was responsible for various crucial aspects such as Talent Strategy, Performance and Rewards, Learning and Development (L&D), Culture Transformation, and overall organizational transformation efforts.  In the past year, Kotak has made global hires for key business priorities such as technology, customer experience and product. Anupam brings with him over 25 years of relevant experience in lea...

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29Dec By editor3No Comments

Feature, National News

Uday Kotak, the founder and director of Kotak Mahindra Bank, Sharing his year end musings

New Delhi, December 29, 2023. Uday Kotak, the founder and director of Kotak Mahindra Bank, Sharing his year end musings. A Financial Sector Model for India’s dream: 9% annual growth, $30 trillion GDP by 2047. India is transforming from a nation of savers to investors. The tussle between the saver/ borrower and issuer/ investor model is underway. In the early 80s, the Indian saver had low confidence in financial assets versus gold and land. Slowly the saver moved some part to bank deposits, UTI and LIC. Even in the 90s, investing in equities was considered “speculative”. Hence companies looking for capital went to the foreign institutional investor (FII). FIIs saw potential and bought into companies while the Indian saver stayed away. Companies raised capital through the less kn...

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27Dec By editor3No Comments

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Kotak Mahindra Bank to Appoint Mr. C S Rajan, as Part-Time Chairman

Mumbai, 27th December 2023. Kotak Mahindra Bank Limited (‘Kotak’ or ‘the Bank’) today announced that the Reserve Bank of India (RBI) has approved the appointment of Mr.C S Rajan, Independent Director of the Bank, as the Part-time Chairman, for a period of two years, effective1stJanuary 2024. Mr. Rajan’s appointment as the next Part-time Chairman of the Bank’s Boardfollows the retirement of the incumbent Part-time Chairman, Mr Prakash Apte, whose term expires on 31st December 2023. Mr. C S Rajan is a successful leader with over 40 years of experience across significant government portfolios. He was appointed as an Independent Director on the Board of the Bank, with effect from 22ndOctober 2022. An IAS officer of 1978 batch,he retired as Chief Secretary of the Government of Rajastha...

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21Dec By editor3No Comments

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Kotak Mahindra Bank Appoints Mr. Eli Leenaars as an Additional and Independent Director on its Board

Mumbai, December 2023. Kotak Mahindra Bank Limited (“Bank") announced on 18th December, 2023 the appointment of Mr. Eli Leenaars (full name: Mr. Cornelis Petrus Adrianus Joseph Leenaars) as an Additional and Independent Director on the Bank’s Board, for a period of four years, effective January 1, 2024, subject to fulfilment of statutory / regulatory or other requirements, as may be necessary. Mr. Eli Leenaars is a successful leader with over 35 years of extensive experience in the financial services sector, including institutional & investment banking, asset management, corporate & retail banking and life & general insurance. A respected expert on the future of digital banking and global industry trends in finance, investment, banking and leadership, Mr. Leenaars has exp...

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15Dec By editor3No Comments

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Kotak Mahindra Bank Associates with IIT Kanpur to Establish India’s First Fully Integrated School of Sustainability

New Delhi, 15 December 2023. The Indian Institute of Technology Kanpur (IITK) and the Kotak Mahindra Bank Limited ("KMBL"/ "Kotak") today announced the launch ofKotak School of Sustainability-India’s first fully integrated school of sustainabilityat IIT Kanpur.The launch event was graced by Shri. Dharmendra Pradhan, Hon’ble Union Minister of Education and Skill Development and Entrepreneurship, Government of India as the chief guest; Dr. Abhay Karandikar, Secretary, Department of Science & Technology, Government of India, and Shri. Nagendra Nath Sinha, Secretary, Ministry of Steel, as guests of honour; Prof. S. Ganesh, Director, IIT Kanpur; Mr. Prakash Apte, Chairman Kotak Mahindra Bank, Shanti Ekambaram, Whole-time Director, Kotak Mahindra Bank, C S Rajan, Independent Director, Kot...

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13Dec By editor3No Comments

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Kotak Mahindra Bank increased interest rates on FD

New Delhi, December 13, 2023. Kotak Mahindra Bank has increased the interest rates on fixed deposits (FD). Now on making FD in this bank, common citizens will get interest ranging from 2.75% to 7.25%. If we talk about senior citizens, they will now get 3.25% to 7.80% interest on FD. The bank has increased interest rates on FDs of less than Rs 2 crore. The new interest rates have come into effect from December 11.

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14Nov By editor3No Comments

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Kotak’s Cardless EMI on Amazon to Offer Instant Consumer Finance in 3 Steps

Mumbai, November 2023. Kotak Mahindra Bank (“KMBL”/ “Kotak”) today announced the launch of Cardless EMI (Equated Monthly Instalments) Payments on Amazon Pay, to provide its pre-approved customers easy access to instant consumer finance*, with just their Mobile Number and PAN (Permanent Account Number). The strategic association with Amazon Pay focuses on providing easy credit access and a seamless payment experience to customers, further enhancing their shopping experience this festive season. Shoppers on Amazon.in can now convert their high-value purchases of Electronics, Furniture, Lifestyle, and Apparel into convenient monthly EMIs, without using debit cards, credit cards, or even UPIs. Key Features: Instant Approval and Credit: Enjoy instant approval and immediate access t...

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2Nov By editor3No Comments

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Kotak Mahindra Bank and Zurich Insurance Group Announce Strategic Alliance

Mumbai, November 02, 2023.  Kotak Mahindra Bank Limited (“Bank”), Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance”) and Zurich Insurance Company Limited (“Zurich”) have entered into definitive agreements for a transaction wherebyZurich will invest(approximately)Rs 4,051croreto acquire a51% stake in Kotak General Insurancethrough a combination of fresh growth capital and share purchase. Further, Zurich will acquire an additional stake of 19% within a period of three years from its initial acquisition (“Transaction”). Zurich’s investment represents the single largest investment by a global strategic insurer in an Indian non-life insurer. Dipak Gupta, MD & CEO, Kotak Mahindra Bank Limited said, “The alliance brings together two trusted and respected b...

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26Oct By editor3No Comments

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Kotak Mahindra Bank partners with National E-Governance Services Limited to issue electronic Bank Guarantee

Mumbai, October 2023. Kotak Mahindra Bank Limited (KMBL/Kotak) today announced that it has partnered with National E-Governance Services Limited (NeSL) to issue its first electronic Bank Guarantee (e-BG) on the latter’s platform. The tie-up enables the digitisation of Trade, thus helping eliminate paper-based issuance of Bank Guarantees. The digitisation includes issuance, amendment, closure, digital stamping and signing, significantly reducing the Guarantee turnaround time (TAT) to a few hours compared to 2-3 working days for the paper-based process. The e-BG also mitigates the authentication risks. Paritosh Kashyap, President & Head Wholesale Banking, Kotak Mahindra Bank said, “Kotak Mahindra Bank has been at the forefront of providing our customers convenience and ease of b...

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