Kotak Mahindra Bank

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Kotak Mahindra Bank
Public company
Traded as BSE500247
Industry Banking, Financial service
Founded 1985 (as Kotak Mahindra Finance Ltd)
Headquarters Mumbai, India
Key people
  • Uday Kotak (Founder & Executive Vice Chairman & MD)
  • C. Jayaram (Joint MD)
  • Dipak Gupta (Joint MD)
  • Jaimin Bhatt (President & Group CFO)
Products Deposit accounts, Loans, Investment services
Revenue Increase27,974.52 crore (US$4.2 billion)(2016)[1]
Increase3,431.12 crore (US$510 million)(2016)
Total assets US$15.8 billion(2015)
Number of employees
29,200 (before merger with ING Vysya) (2015)
Website www.kotak.com

Kotak Mahindra Bank is an Indian private sector banking headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) gave the licence to Kotak Mahindra Finance Ltd., the group's flagship company, to carry on banking business.[2]

It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.

As of 30 September 2014, Kotak Mahindra Bank has a network of 641 branches and over 1,159 ATMs spread across 363 locations in the country. The bank, which has garnered positive reviews from its customers and clients[3] before its merger with ING Vysya, had around 29,000 employees.[4] In 2014, it was the fourth largest private bank in India by market capitalization.[5]


Established in 1985 by Uday Kotak, is an Indian financial services conglomerate. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received a banking licence from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to be converted into a bank – Kotak Mahindra Bank Limited (KMBL).

In a study by Brand Finance Banking 500, published in February 2014 by the Banker magazine (from The Financial Times Stable), KMBL was ranked 245th among the world's top 500 banks with brand valuation of around half a billion dollars ($481 million) and brand rating of AA+.[6][7]


Year Milestone
1985 Kotak Mahindra Finance Limited commences bill discounting business
1987 Kotak Mahindra Finance Limited enters leasing and hire purchase business
1990 Starts the auto finance division for financing passenger cars
1991 Launches investment banking business
1992 Enters the funds syndication business
1995 Commenced joint venture with Goldman Sachs Group Inc.

Investment Banking division incorporated into a separate company - Kotak Mahindra Capital Company

1996 The auto finance business is hived off into a separate company - Kotak Mahindra Prime Limited (formerly known as Kotak Mahindra Primus Limited).

Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Limited, for financing Ford vehicles.

1998 Launches mutual fund through Kotak Mahindra Asset Management Company (KMAMC).
2000 Kotak Securities launches online broking business (now www.kotaksecurities.com[8]).
2001 Launches insurance business, partners Old Mutual from South Africa to form Kotak Mahindra Old Mutual Life Insurance Ltd.
2003 Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, receives banking license from the Reserve Bank of India (RBI). With this, KMFL becomes the first non-banking finance company to be converted into a commercial bank - Kotak Mahindra Bank Ltd.
2004 Enters alternate assets business with the launch of a private equity fund.
2005 Kotak Mahindra Group realigns joint venture in Ford Credit; takes 100% ownership of Kotak Mahindra Prime (formerly known as Kotak Mahindra Primus Limited) and sells its stake in Ford credit Mahindra to Ford.
2005 Launches a real estate fund
2006 Buys out Goldman Sachs' equity stake in Kotak Mahindra Capital Company and Kotak Securities Ltd
2008 Launched a Pension Fund under India's National Pension System (NPS)
2009 Kotak Mahindra Bank Ltd. opens a representative office in Dubai

Kotak Mahindra Bank Ltd. becomes anchor investor in Ahmedabad Commodities Exchange (ACE)

2015 ING Vysya Bank has merged with Kotak Mahindra Bank with effect from 1 April 2015.[9]

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Merger with ING Vysya Bank[edit]

In 2014, Kotak Bank acquired ING Vysya Bank for a deal valued at 15,000 crore (US$2.2 billion). With the merger, the total human resource count will jump to almost 40,000 heads and the count of branch reached 1261.[10] Post the merger, ING Group which controlled ING Vysya Bank will own 7% share in Kotak Mahindra Bank.[11]


  1. ^ "Kotak Mahindra Bank Results". EarningsIndia. Retrieved 21 July 2016. 
  2. ^ "About Us". www.kotak.com. Retrieved 2015-12-03. 
  3. ^ (PDF) http://www.kotak.com/annualreport2013-14/Kotak%20AR%202013-14.pdf.  Missing or empty |title= (help)
  4. ^ Parmar, Beena (1 April 2015). "Integrating people, technology are main challenges, says Kotak Mahindra CFO". The Hindu. Retrieved 15 April 2015. 
  5. ^ "Top 10 Banking Companies in India". Maps of India. Retrieved 5 February 2016. 
  6. ^ "Top banks on a slide; smaller peers do better: Brand Finance study - The Smart Investor". Retrieved 3 September 2015. 
  7. ^ The Banker. "The Banker - The Banker". Retrieved 3 September 2015. 
  8. ^ "Kotak Securities". 21 January 2011. 
  9. ^ "ING Vysya Bank is Now Kotak Mahindra Bank". Retrieved 3 September 2015. 
  10. ^ "Kotak Bank acquires ING Vysya for ₹15,000 crore". The Hindu. Mumbai. 20 November 2014. Retrieved 15 April 2015. 
  11. ^ "ING Vysya staff seek job surety from Kotak". business-standard.com. BusinessStandard. 6 December 2014. Retrieved 15 April 2015. 

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