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Tag: Kotak Mahindra Bank

Kotak Mahindra Bank Appoints Mr. Eli Leenaars as an Additional and Independent Director on its Board
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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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Kotak Mahindra Bank Associates with IIT Kanpur to Establish India’s First Fully Integrated School of Sustainability
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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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Kotak Mahindra Bank increased interest rates on FD
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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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Kotak’s Cardless EMI on Amazon to Offer Instant Consumer Finance in 3 Steps
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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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Kotak Mahindra Bank and Zurich Insurance Group Announce Strategic Alliance
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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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Kotak Mahindra Bank partners with National E-Governance Services Limited to issue electronic Bank Guarantee
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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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Kotak White Credit Card to present a ‘Perfect’ evening with Ed Sheeran
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Kotak White Credit Card to present a ‘Perfect’ evening with Ed Sheeran

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 – India.The India leg of this best-selling tour will be the final stop in the Asia Tour and will be held at the Mahalaxmi Racecourse in the heart of Mumbai on March 16th, 2024. The special guest for the show will be singer-songwriter Calum Scott.Kotak White Credit Card is the official sponsor of the show. The bank today announced an exclusive 48-hour access to the pre-sale of the tour’s tickets for Kotak Credit Card customers sta...
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Kotak Mahindra Bank to Appoint International Banker, Ashok Vaswani as MD & CEO
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Kotak Mahindra Bank to Appoint International Banker, Ashok Vaswani as MD & CEO

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, 2024.The appointment is subject to shareholders’ approval.Ashok has a proven track record spanning three and a half decades, initially at Citigroup and more recently, at Barclays, of building and growing global businesses at scale,nurturing winning teams, establishingtransformational partnerships, leveraging forward leaning technology,with a compelling business vision to deliver strong bottom-line growth. He brings with him significant execu...
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Kotak Mahindra Bank Ups The Ante With the Digital Rupee (e₹) App
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Kotak Mahindra Bank Ups The Ante With the Digital Rupee (e₹) App

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 will empower customers to make payments on the existing UPI QR codes available at merchants.As on date, the feature is Live for Android users.The ‘e₹’ app allows users to make transactions without disclosing bank account details, supports easy transfers, decluttering the bank statements to ensure a safe and regulated interface, making the experience seamless.Virat Diwanji, Group President & Head Consumer Bank, Kotak Mahindra Bank said, “W...
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Kotak Mahindra Bank Announces Q1 FY2023-24 Results
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Kotak Mahindra Bank Announces Q1 FY2023-24 Results

Mumbai, 22nd July, 2023.The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023, at the Board meeting held in Mumbai, today.Kotak Mahindra Bank standalone resultsThe Bank’s PAT for Q1FY24 stood at ₹3,452 crore, up 67% YoY from ₹ 2,071 crore in Q1FY23.Net Interest Income (NII) for Q1FY24 increased to ₹ 6,234 crore, from ₹ 4,697 crore in Q1FY23, up 33% YoY. Net Interest Margin (NIM) was 5.57% for Q1FY24.Fees and services for Q1FY24 increased to ₹ 1,827 crore from ₹ 1,528 crore in Q1FY23, up 20% YoY.Operating profit for Q1FY24 was ₹ 4,950crore, up 78% YoY (Q1FY23: ₹ 2,783 crore).Customers as at June30, 2023 were 43.5 mn (34.5mn as at June 30, 2022).Advances (incl. ...
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