Kotak Mahindra Bank to launch credit cards by March

According to KVS Manian, group head of retail liabilities and branch banking for Kotak Mahindra Bank, the bank plans to come out with silver, gold and platinum credit cards, targeting target high net worth individuals. Kotak Mahindra Bank in reportedly planning to go it alone in its credit card venture, rather than have tie ups with other affiliates in the business.
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Its retail expansion will also see a growth of its branch network, from its present 134 branches across 92 locations.

By May 2008 the bank plans to have over 200 branches, according to Manian, besides 75 additional ATMs by February 2008, which will see its ATM tally double to 150 from the existing 75.

According to V Swaminathan, head of corporate relationship management and retail liabilities at Kotak Mahindra Bank, the bank presently has around 400 to 450 corporates banking with it. To better service their needs, the bank is looking at innovative investment methods that will assist corporate salaried individuals, including home banking, investment accounts, and demat accounts.

Kotak Mahindra is also looking to double its corporate account base from the present 20 per cent to 40 per cent by the end of this financial year.