Kotak Mahindra Bank Limited:
Kotak Mahindra Bank limited offers a vast range of services to individuals and corporate clients in India. There are many sections of the company such as BMU, a segment, related to the corporate centre and treasury that deals with the debt, forex market, equity, money market, investments, and liability management of the assets and so on.
Kotak Mahindra Bank also provides its services regarding retail banking, which mainly offers financial services and several types of loans. This company also provides credit cards and financial products like other renowned banks. The financial service that the company offers includes agricultural finance and financial services for commercial vehicles. The company is also offering home loans to individual customers of the company.
The company is pursuing its business in several investment management services, including brokering of shares and funds. Kotak Mahindra Bank Limited was incorporated in the year of 1985 and is headquartered at Mumbai.
About Company Information:
In 1985, the company started its business operations, and it was then recognized by the name Kotak Capital Management Finance Ltd. In the year of 1986, the company was renamed as Kotak Mahindra Finance Ltd. In the same year, the company started its business activities regarding bill discounting.
During the year of 1987 to 1991, Kotak Mahindra Bank Limited started its hiring and lease purchase market. In 1990, the company initiated the finance services regarding cars and automobiles. In 1991, the company initiated a new division for investment banking. In the same year, the company had possessed FICOM, which was the then India’s largest network of retail marketing.
During the year of 1994 to 1998, the company was benefitted by many of their decisions and activities. In 1994, the company intervened the international market by establishing Kotak Mahindra International in Mauritius and also launched an office in Dubai, for the operations and functioning of its business activities from the Middle East.
In the same year, an office in the United Kingdom was launched by the company. Two years later, the company launched a new subsidiary company, namely Kotak Mahindra Primus Ltd, in 1996. In the same year, the credit over the Ford cars acquired 40% of the stake in the Kotak Mahindra Primus. A new office was set up by the company in New York in 1998.
From 2001 to 2003, Kotak Mahindra Bank Limited had an eventful journey. In 2001, the subsidiary company named Kotak Securities Limited was formed. In 2003, the company earned its license from the RBI and earned the permission of the Government of India to run the business activities related to banking. This was a milestone that the company reached, as for the first time a non-banking finance company got the license from the Government of India, to operate its business functions as a bank. In the same year, the company agreed with the UTI bank, which is presently known as Axis Bank. This agreement helped the customers of the company to access over 800 ATMs of the UTI bank. In the same year, the company expanded itself and launched a branch in Delhi. Many finance products related to housing were also launched by the company, helping the NRIs.
During 2008 to 2009, the Kotak Mahindra Bank Limited set up 39 branches additionally. In the same year, the company also set up 74 ATMs. In the same year, the company came up with the new features such as authentication process of two factors, fund transfer security services, online password, the online facility of the tax payment and IVR based on PIN.
In 2016, Kotak Mahindra Bank Limited had accounted for their net worth, which was approximately 73 crore. In the same year, the company got permission to launch its first an international bank in Dubai, which had been a big success.In 2017, Kotak Mahindra Bank Limited possessed 1375 branches all across over 650 locations, and it also operated 2171 ATMs all across the nation. In the same year, unlike other banks, the company declared that the company had kept rates of interest unchanged in saving accounts, which was much effective for the company and its customers.
How Kotak Mahindra Bank Limited, categorised under the Financial Sector and Finance - Private Banking Industry:
The Financial sector is a section that leads the world in terms of equity market capitalization and earnings. The companies that are in the economic enterprise focus mainly on managing money, as their revenue is generated mostly by the sectors from mortgage and loans that gain value as interest rates rise. Also, this industry's economy is made up of institutions and firms that provide financial services to wholesale and retail customers.
The main sectors that are into the Financial industry are,
Accounting and Bookkeeping.
Financial Markets and Planning.
Banking and General Financial Services.
Mortgage and Financial Broking.
Insurance and Superannuation.
Specialised Financial Services.
Kotak Mahindra Bank Ltd comes under the Private Banking industry. The banking industry is one of the active areas in India, which makes a significant portion of the growth of a country’s GDP. The banking industry in India is of great importance in Asia and also throughout the World because of its steady performance in the market.
Kotak Mahindra Bank Limited, Competitors and Sector Peers:
Bank of Rajasthan Ltd.[Merged] - BANOFR
Centurion Bank of Punjab Ltd.[Merged] - CENTUB
City Union Bank Ltd. - CITUNI
Dhanlaxmi Bank Ltd. - DHABAN
Federal Bank Ltd. - FEDBAN
ICICI Bank Ltd: ICICIBANK
IDFC First Bank Ltd. - IDFCB
IndusInd Bank Ltd. - INDUBA
ING Vysya Bank Ltd.[Merged] - INGVYS
Jammu & Kashmir Bank Ltd. - JAMKA
Karnataka Bank Ltd. - KARBAN
Karur Vysya Bank Ltd. - KARVYS
Lakshmi Vilas Bank Ltd. - LAKVIL
South Indian Bank Ltd. - SOUINB