Kotak Mahindra gets RBI banking License

By siliconindia   |   Thursday, 06 February 2003, 20:30 IST
Printer Print Email Email
BANGALORE: Kotak Mahindra, IndiaÂ’s leading financial services company has been awarded the licence to carry on Banking business by the Reserve Bank of India (RBI). This approval creates Banking history as Kotak Mahindra Finance Limited, will be the first company in India to convert to a Bank. The Bank is to be called Kotak Mahindra Bank Limited. Commenting on the development, Uday Kotak, Vice chairman and Managing Director, Kotak Mahindra, said, "When the Group was born two decades ago we had envisioned a holistic financial solutions company, where we would meet every financial need of the customer. The Banking licence from RBI is a significant step towards the realisation of our vision." The final approval from the RBI follows an in-principle approval awarded by the RBI in February 2002. The in-principle approval was valid for one year during which the applicant could fulfil conditions outlined by the RBI for licencing of a new bank in the private sector. The RBI has now granted the licence for commencement of banking business under section 22 (1) of Banking Regulation Act, 1949.