Kotak Mahindra Bank: Indian private sector bank Full Details
Kotak Mahindra Finance Limited is India’s one of the most reputed financial institution. It gets licence from RBI to start as a Bank or Financial institution in February 2003. It is the first non- banking financial company in India to be converted into a bank – Kotak Mahindra Bank Limited.
They offering a wide range of financial services that includes every sphere of life. It includes the areas of personal finance, commercial banking, stock broking, mutual funds, life insurance and investment banking, life insurance, and wealth management. They also providing the widest range of solutions to high net worth individuals, entrepreneurs, business families and employed professionals.
ING Vysya Bank has merged with Kotak Mahindra Bank with the affect from 1 April, 2015. So Kotak Mahindra become the fourth largest private bank in India. ING Vysya bank shareholders will get 725 Kotak Bank shares for every 1,000 shares they hold. All ING branches and employees would become Kotak branches and employees.
The private lender Kotak Mahindra Bank’s net profit rose to 33% to Rs 1,404 crore for the January-March 2017 quarter from Rs 1,055 crore a year ago. The other income including fees, commission, etc also increased to to Rs 4,299 crore as compared to Rs 2,593 crore in the same quarter last year.