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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
Mumbai, 25th October, 2023. Building on the recent successes of Backstreet Boys’ DNA World Tour– India; Trevor Noah’s Off The Record Tour– India; and WestLife’supcoming The Wild Dreams Tour – India. Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) will present a ‘Perfect’ evening at pop music sensation, Ed Sheeran’s much-awaited ‘+ – = ÷ x’ Mathematics Tour…
Mumbai,21stOctober2023:Kotak Mahindra Bank (‘Kotak’ or ‘the Bank’) today announced that theReserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the Bank’s next Managing Director &Chief Executive Officer (MD & CEO). This is for a period of three years from date of taking charge which shall not be later than January 1,…
Mumbai, 31 August, 2023. Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) today announced the introduction of a UPI interoperability feature on its Digital Rupee (e₹) application as a part of the RBI’s CBDC pilot project.With this, e₹ app users can now scan any QR code at merchants to make payments for groceries and daily expenses. This feature…