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Kotak Mahindra Bank revises fixed deposit rates. Latest FD rates here
Posted on 14th August 2019
Kotak Mahindra Bank has revised interest rates on fixed deposits (FDs) days after RBI reduced repo rate earlier this month. Kotak Mahindra Bank's new FD rates came into effect from 9 August 2019. Other private sector lenders Axis Bank and ICICI Bank also revised interest rates effective 10th and 14th August respectively. Kotak Mahindra Bank offers an interest rate ranging from 3.50% to 6.90% for FDs maturing in 7 days to 10 years.

Kotak backs small savings rate cut
Posted on 17th May 2019
Uday Kotak, president-designate of the Confederation Indian Industry (CII), has pushed for a cut in the small savings rate, currently ruling at around 7.7 per cent, on the ground that banks are fighting an unequal battle with the postal system for deposits.

“The rates of interest on small savings are higher than the yields on government securities,” Kotak said after the chamber submitted its recommendations to the Modi government that could feed into its 100-day agenda.

Funding crisis to worsen unless India pumps in cash, says Kotak
Posted on 16th May 2019
India needs to pump more cash into its financial system to prevent a worsening of the funding crisis among shadow banks and the corporate sector, according to one of the nation’s biggest money managers. Non-banking financial companies had served as a “surrogate womb” for banks, who face regulatory limits on how much they can lend, but that “surrogacy has stopped,” Lakshmi Iyer, chief investment officer for debt at Kotak Mahindra Asset Management Co., said in an interview at her office in Mumbai.

Kotak Mahindra Bank Q4 standalone net rises 25% to Rs 1,407 crore
Posted on 1st May 2019
Kotak Mahindra Bank on Tuesday reported a 25% year-on-year (y-o-y) rise in its standalone net profit at `1,407 crore in Q4FY19 on account of a higher net interest income (NII) and a fall in its provisions. The bank reported a net profit of `1,290 crore in Q4FY18.

The private-sector lender’s total income rose by 18.5% to `7,672 crore on account of a 18% rise in its NII to `3,048 crore. NII is the difference between interest earned and interest paid by a bank. Provisions fell by 44.2% y-o-y to `171.3 crore. The bank has no exposure to IL&FS and Jet Airways, said the management.

Kotak Mahindra Bank consolidated Q4 net profit up 13.9% at Rs 2,038 crore
Posted on 30th April 2019
Kotak Mahindra Bank reported a 13.9 per cent rise in its March 2019 quarter (Q4) consolidated net profit, on account of higher interest and fee income.

Profit after tax (PAT) at the consolidated level rose to Rs 2,038 crore in the fourth quarter from Rs 1,730 crore in the year-ago period (Q4 FY18). Total consolidated income rose 27 per cent year-on-year (YoY) to Rs 13,823 crore, said the bank in a filing to the exchanges on Tuesday.

Protracted Kotak share cap tussle
Posted on 24th April 2019
A division bench of the Bombay high court hearing a dispute between Kotak Mahindra Bank and the Reserve Bank of India (RBI) has adjourned the matter to January 9, 2020, because of “paucity of time”.

The division bench was hearing a petition filed by the private sector lender challenging an RBI directive of August 13, 2018.

Analyst corner: Suven Life Sciences’ earnings have reached sustainable base – Kotak Securities
Posted on 27th March 2019
The contract research and manufacturing services (CRAMS) business is the bread earner for the company, and has grown strongly over the past three years (CAGR 9 % FY15-18). This business has established a new base with the help of increased number of projects in phase II and phase I coupled with commercial/ pre-commercial supplies from FY14 onwards. Our analysis highlights that company’s earnings have reached a sustainable base (three drugs commercialised over past three years) and will continue to improve on this base going ahead.

Kotak Mahindra group jumps into real estate; makes its first foray with $400 million kitty
Posted on 19th March 2019
KIAL, an arm of Kotak Mahindra Bank, said in a statement that it has launched a new fund which will partner with Bengaluru-based realty firm DivyaSree Developers to develop and acquire commercial office assets. “The USD 400 million India Office Assets Fund I, is anchored by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and is one of the largest dedicated commercial office development platforms announced in India,” it added.

Kotak Mahindra Bank elevates KVS Manian, Gaurang Shah as board directors
Posted on 16th March 2019
Kotak Mahindra Bank has appointed KVS Manian and Gaurang Shah as whole-time directors for a three-year term effective from the date of approval from the Reserve Bank of India.

The appointment of Manian and Shah is also subject to share­holders’ approval, the bank informed the BSE.

Court denies interim relief to Kotak Bank
Posted on 13th March 2019
The Bombay high court on Tuesday declined to give any interim relief to Kotak Mahindra Bank in its dispute with the Reserve Bank of India (RBI) over the latter’s direction to pare promoter's holding in the private sector lender.

The court turned down the bank's plea for an interim protection from regulatory action and posted the matter for further hearing to April 1.

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