KOTAK MAHINDRA BANK LIMITED
Media Release
Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank Limited said, "Payment banks have the potential to leapfrog India's financial inclusion agenda. Basic but critical services such as small savings accounts, remittances, etc. will bring a large number of low income households and small businesses under the formal banking network."
On the investment in AMSL, Gupta added, "Bharti Airtel has the technology and physical infrastructure, a well-entrenched distribution network in rural and remote areas of the country and has the largest telecom customer base, coupled with our banking expertise, this clearly is a win-win for both."
AMSL is in the process of applying for Payment Bank License to the Reserve Bank of India (RBI).
Established in 1985, the Kotak Mahindra group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received a banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank - Kotak Mahindra Bank Limited.
The consolidated balance sheet of Kotak Mahindra group is over Rs. 1.43 lakh cr and the consolidated net worth of the Group stands at Rs. 21,299 cr (approx US$ 3.4 billion) as on December 31, 2014. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, and international offices in London, New York, Dubai, Abu Dhabi, Mauritius and Singapore.
Kotak Mahindra Bank (KMB) offers complete retail financial solutions for varied customer requirements. The Savings Bank Account goes beyond the traditional role of savings, and provides a wide range of services through a comprehensive suite of investment services and other transactional conveniences like Online Shopping, Bill Payments, ASBA, Netc@rd, ActivMoney (Automatic TD sweep-in and Sweep-out) etc. Kotak's Jifi, a first-of-its-kind fully integrated Social Bank Account, redefines digital banking by seamlessly incorporating social networking platforms like Twitter and Facebook with mainstream banking. KayPay, the world's first bank agnostic payment product for Facebook users enables millions of bank account holders transfer money to each other at any hour of the day or night, without the need of net banking, or knowing various bank account related details of the payee.
KMBL also offers an Investment Account where Mutual Fund investments are recorded and can be viewed in a consolidated fashion across fund houses & schemes. Further, the Bank offers loan products
such as Home Loans, Personal Loans, Commercial Vehicle Loans, etc. Keeping in mind the diverse needs of the business community, KMBL offers comprehensive business solutions that include Current Account, Trade Services, Cash Management Services and Credit facilities. Kotak Mahindra Bank has 661 branches and 1,199 ATMs spread across 371 locations in the country.
For more information, please visit company's website at http://www.kotak.com/
For further information, please contact
Rohit Rao
Kotak Mahindra Bank Phone: +91-22-6166-0001 rohit.rao@kotak.com
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