As per the analysis of banking experts, the most speculated merger between the two private lenders Kotak Mahindra Bank and Axis Bank will create a giant credit pool of 44 billion dollars in Indian loan market. It is also speculated that the merged entity will compete with the India’s largest lender HDFC Bank based on its market value by gaining second position in the market after merger.
Kotak Bank has in its regulatory filing, reported that RBI has issued a certificate of registration to Kotak Infrastructure Debt Fund Ltd to operate as a infrastructure debt fund. The fund will be registered as a NBFC. Kotak, the fourth largest private sector lender, had till date, stayed away from lending to the infrastructure sector. In 2013, RBI had allowed banks and non-banks to float IDFs for funding the infrastructure sector.
Kotak Mahindra Bank has announced that it will raise funds worth Rs. 6.2 crore via equity issuance. The equity shares with face value of Rs. 5 each will be issued through a rights issue or on a private placement basis. The funds raised are proposed to be utilized for capitalizing any opportunities in acquiring stressed assets in India’s banking sector and also for further expansion of the bank.
Kotak Mahindra Bank one of the leading private sector bank has successfully launched a mobile banking application 811 with an objective of increasing its customers base. With 811 app, the bank will offer zero balance savings accounts with cost free digital transactions. 811 will offer banking services across 700 locations and customers can easily open account by submitting their Aadhaar number and PAN.
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