Kotak Mahindra Bank: Shared responsibilities2 min read 14 Dec 2012, 12:32 AM IST
Kotak Mahindra Bank
has risen from being a bill discounting firm to India’s fourth largest private bank
Mumbai: Kotak Mahindra Bank Ltd has risen from being a bill discounting company to India’s fourth largest private sector bank by market capitalization. Founded by its current executive vice-chairman and managing director Uday Kotak, it first diversified into equipment leasing and then auto finance. Merchant banking followed in the 1990s. Kotak Mahindra Bank came into existence in 2003 after the non-banking finance company (NBFC) got a licence from the Reserve Bank of India (RBI). It remains the only NBFC to have been granted an RBI licence to turn into a bank.