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Kotak
Mahindra Bank to start operations
Our Banking Bureau
26 June 2002
 New
Delhi: The bank
to be set up by the Kotak Mahindra group may be operational before
the yearend.
The group also intends to expand its presence in the life
insurance sector, says Om Kotak Mahindra Life Insurance managing
director Shivaji Dam.
He says the group plans to undertake housing finance business
through the bank. Kotak Mahindra has already secured approval from
the government to make an entry into the domestic banking sector.
Besides, Om Kotak
Mahindra Life Insurance, the joint venture with Old Mutual Plc of
South Africa and Kotak Mahindra Finance Ltd, plans to expand its
life insurance business to 28 cities during 2002-02 from 17 at
present.
Dam says the company has planned to increase its summations to Rs
1,300 crore and a premium income of Rs 65 crore during this
fiscal.
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