labels: kotak mahindra bank
Kotak Mahindra Bank to start operations news
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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Kotak Mahindra Bank to start operations