Kotak Mahindra Bank

In 1985, Uday Kotak founded Kotak Capital Management Finance Limited as a financial services company with a loan of {{INR}}30 lakh from family and friends.{{cite web |date=18 December 2020 |title=How Uday Kotak, world's richest banker, made $16 bn after a brush with death |url=https://www.livemint.com/companies/people/how-uday-kotak-world-s-richest-banker-made-16-bn-after-a-brush-with-death-11608248541743.html |website=mint |language=en}} In 1986, Anand Mahindra and his father Harish Mahindra invested {{INR}}1 lakh in the company which was subsequently renamed Kotak Mahindra Finance.{{cite news |title=1 Lakh Investment Turned Into 1,400 Crores In 32 Years. This Is For Real |work=NDTV.com |url=https://www.ndtv.com/business/1-lakh-investment-turned-into-1400-crores-in-32-years-this-is-for-real-1677458 |access-date=15 June 2022}} The company was initially engaged in bill discounting, along with lease and hire purchase activities.{{cite news |title=Kotak Mahindra Bank Ltd. |work=Business Standard India |url=https://www.business-standard.com/company/kotak-mah-bank-2330/information/company-history |access-date=15 June 2022}}

In the early 1990s, the company started offering car financing and investment banking services and expanded its operations overseas. In 1996, car financing company Kotak Mahindra Primus was incorporated as a 60:40 joint venture between Kotak Mahindra Finance and Ford Credit International.{{cite news |last1=Philip |first1=Lijee |last2=Ganguli |first2=Bodhisatva |title=Kotak Mahindra to buy Ford's stake in Primus |work=The Economic Times |url=https://economictimes.indiatimes.com/kotak-mahindra-to-buy-fords-stake-in-primus/articleshow/1065720.cms |access-date=15 June 2022}} In the same year, Kotak Mahindra Finance hived off its investment banking division into a new company, Kotak Mahindra Capital, started in partnership with Goldman Sachs.{{cite news |title=Retail brokerage's the key unit: Kotak |work=The Economic Times |url=https://economictimes.indiatimes.com/retail-brokerages-the-key-unit-kotak/articleshow/1451993.cms |access-date=22 October 2022}}

In 1998, Kotak Mahindra Finance started its mutual fund arm called Kotak Mahindra AMC.{{cite news |title=Kotak Mahindra Asset Management Company Limited |work=CARE Ratings |url=https://www.careratings.com/upload/CompanyFiles/PR/05072021061859_Kotak_Mahindra_Asset_Management_Company_Limited.pdf |access-date=22 October 2022}} In 2001, OM Kotak Mahindra Life Insurance was established as a 74:26 joint venture between Kotak Mahindra Finance and Old Mutual.{{cite news |title=Kotak Mahindra, Old Mutual get nod for life insurance JV |work=www.rediff.com |url=https://www.rediff.com/money/2001/jan/11kotak.htm |access-date=15 June 2022}}

File:ATM of Kotak in Shyambazar 01.jpg.]]

In February 2003, Kotak Mahindra Finance received a banking licence from the Reserve Bank of India, becoming India's first non-banking finance company to be converted into a bank. Kotak Mahindra Finance was then renamed Kotak Mahindra Bank.{{cite news |title=RBI gives Kotak Mahindra banking licence |language=en |work=The Times of India |url=https://timesofindia.indiatimes.com/business/india-business/rbi-gives-kotak-mahindra-banking-licence/articleshow/36679056.cms |access-date=15 June 2022}} At the time, Uday Kotak had a 56% stake in the company while Anand Mahindra held a 5% stake.{{cite news |title=Kotak Mahindra Finance in limelight |work=www.rediff.com |url=https://www.rediff.com/money/2003/feb/07hot2.htm |access-date=15 June 2022}}

In 2005, Kotak Mahindra Bank acquired Ford Credit's 40% stake in Kotak Mahindra Primus, making it a wholly-owned subsidiary of the group.{{cite news |title=Kotak Mahindra, Ford to end JV |url=https://economictimes.indiatimes.com/kotak-mahindra-ford-to-end-jv/articleshow/1129642.cms |access-date=15 June 2022 |work=The Economic Times}} Kotak Mahindra Primus was subsequently renamed as Kotak Mahindra Prime.{{cite news |title=Kotak Mahindra Prime Limited |url=https://www.icra.in/Rationale/ShowRationaleReport?Id=105600 |access-date=15 June 2022 |work=ICRA}} In 2006, Kotak Mahindra Bank bought out Goldman Sachs' 25% stake in Kotak Mahindra Capital for {{INRconvert|210|c|year=2006|mode=historical}} and 25% in Kotak Securities for {{INRconvert|123|c|year=2006|mode=historical}}, turning both companies into its wholly-owned subsidiaries.{{cite news |title=Kotak, Goldman Sachs part ways - Global financial powerhouse plans $1-bn investment in India |url=https://www.telegraphindia.com/business/kotak-goldman-sachs-part-ways-global-financial-powerhouse-plans-1-bn-investment-in-india/cid/809675 |access-date=22 October 2022 |work=The Telegraph}}

In 2014, Kotak Mahindra Bank acquired a 15% stake in Multi Commodity Exchange (MCX) from Financial Technologies Group for {{INRconvert|459|c|mode=historical|year=2014}} to become the company's largest shareholder.{{cite news |title=Kotak to buy 15% stake in MCX for Rs 459 cr |url=https://www.business-standard.com/article/companies/kotak-to-buy-15-stake-in-mcx-for-rs-459-cr-114072100046_1.html |access-date=8 November 2022 |work=Business Standard |date=21 July 2014}}

In 2014, Kotak Mahindra Bank announced the acquisition of ING Vysya Bank in a deal valued at {{INRConvert|15000|c|year=2015|mode=historical}}. With the merger completed in 2015, Kotak Mahindra Bank had almost 40,000 employees, and the number of branches reached 1,261.{{cite news|title=Kotak Bank acquires ING Vysya for INR 15,000 crore|url=http://www.thehindubusinessline.com/industry-and-economy/banking/kotak-mahindra-board-okays-merger-of-ing-vysya-bank/article6618345.ece|access-date=15 April 2015|work=The Hindu|date=20 November 2014|location=Mumbai}} After the merger, ING Group, which controlled ING Vysya Bank, obtained a 6.5% stake in Kotak Mahindra Bank.{{cite news|title=ING Vysya staff seek job surety from Kotak|url=http://www.business-standard.com/article/finance/ing-vysya-staff-seek-job-surety-from-kotak-114120600080_1.html|newspaper=Business Standard India|publisher=BusinessStandard|access-date=15 April 2015|date=6 December 2014}}

In 2015, Kotak Mahindra General Insurance, a wholly-owned subsidiary of Kotak Mahindra Bank, started operations after receiving IRDAI's approval.{{cite news |title=Kotak Mahindra Gen Insurance gets IRDAI nod to commence biz |url=https://www.moneycontrol.com/news/business/companies/kotak-mahindra-gen-insurance-gets-irdai-nod-to-commence-biz-1422853.html |access-date=22 October 2022 |work=Moneycontrol |language=en}} In 2016, Bharti Airtel and Kotak Mahindra Bank started an 80:20 joint venture called Airtel Payments Bank.{{cite news |title=Airtel Payments Bank launched, with vow to shake up old banking system |url=https://www.livemint.com/Industry/FxxxxsTZvCQuJt4I90upnK/Airtel-Payments-Bank-to-be-launched-today.html |access-date=1 May 2021 |work=mint |date=12 January 2017 |language=en}}

In 2016, Kotak Mahindra Bank acquired BSS Microfinance for {{INRconvert|139.2|c|mode=historical|year=2016}}.{{cite news |last1=S |first1=Rajalakshmi |title=Kotak Bank to acquire 99.5% stake in BSS Microfinance |url=https://www.thehindubusinessline.com/money-and-banking/kotak-bank-to-acquire-995-stake-in-bss-microfinance/article9168578.ece |access-date=8 November 2022 |work=The Hindu Business Line |date=30 September 2016 |language=en}}

In March 2017, Kotak Mahindra Bank launched an online savings account called Kotak 811,{{Cite web |last=Kotak811 |first=Kotak811 |title=About Kotak811 |url=https://www.kotak811.com/about-us }} named after the date Prime Minister Narendra Modi had announced demonetisation in the previous year (8 November), which according to Uday Kotak was "the day that changed India."{{cite news |last1=Balakrishnan |first1=Ravi |title=Life after 8/11: Banks believe the customers will return, once they're done flirting with e-wallets |url=https://economictimes.indiatimes.com/life-after-8/11-banks-believe-the-customers-will-return-once-theyre-done-flirting-with-e-wallets/articleshow/58802874.cms |access-date=7 November 2022 |work=The Economic Times |date=24 May 2017}}{{cite news |title=Kotak Bank Launches 811 'Zero Balance, Zero Charge' Account. Details Here |url=https://www.ndtv.com/business/kotak-bank-launches-811-zero-balance-zero-charge-account-details-here-1675032 |access-date=7 November 2022 |work=NDTV}} Kotak 811 helped the bank double its number of customers by September 2018.{{cite news |title=How Kotak Mahindra Bank Scripted Marketing History |url=https://www.forbesindia.com/article/ad-marketing/how-kotak-mahindra-bank-scripted-marketing-history/58221/1 |access-date=7 November 2022 |work=Forbes India |language=en}}

In April 2017, Kotak Mahindra Bank acquired Old Mutual's 26% stake in Kotak Mahindra Old Mutual Life Insurance for {{INRconvert|1292|c|year=2017|mode=historical}}, making the life insurance company its wholly-owned subsidiary.{{cite news |last1=Sinha |first1=Shilpy |title=Kotak to buy out Old Mutual in insurance JV |url=https://economictimes.indiatimes.com/markets/stocks/news/kotak-to-buy-out-old-mutual-in-insurance-jv/articleshow/58428668.cms |access-date=15 June 2022 |work=The Economic Times}}

In 2021, Kotak Mahindra Bank sold its 8.57% stake in Airtel Payments Bank to Bharti Enterprises for {{INRconvert|295|c|year=2020|mode=historical}}.{{cite news |title=Kotak Mahindra Bank sells 20 crore shares in Airtel Payments Bank for Rs 295 crore |url=https://telecom.economictimes.indiatimes.com/news/kotak-mahindra-bank-sells-20-crore-shares-in-airtel-payments-bank-for-rs-295-cr/85854702 |access-date=22 October 2022 |work=Economic Times |language=en}} In the same year, Kotak Mahindra Group acquired the vehicle financing portfolio of Volkswagen Finance India{{cite news |title=Kotak Mahindra acquires vehicle financing portfolio of Volkswagen Finance |url=https://www.livemint.com/companies/news/kotak-mahindra-acquires-vehicle-financing-portfolio-of-volkswagen-finance-11631789114490.html |access-date=8 November 2022 |work=Mint |date=16 September 2021 |language=en}} and passenger vehicle financing portfolio of Ford Credit India.{{cite news |title=Kotak Prime acquires passenger vehicle financing portfolio of Ford Credit |url=https://www.livemint.com/companies/news/kotak-prime-acquires-passenger-vehicle-financing-portfolio-of-ford-credit-11640176546172.html |access-date=8 November 2022 |work=Mint |date=22 December 2021 |language=en}} In 2022, it acquired the agriculture and healthcare equipment financing portfolio of DLL India.{{cite news |last1=Mishra |first1=Lalatendu |title=Kotak Mahindra Bank acquires agri, healthcare portfolio of DLL India |url=https://www.thehindu.com/business/kotak-mahindra-bank-acquires-agri-healthcare-portfolio-of-dll-india/article65616090.ece |access-date=17 February 2023 |work=The Hindu |date=8 July 2022 |language=en-IN}}

In 2023, Kotak Mahindra Bank acquired microfinancier Sonata Finance for {{INRconvert|537|c}}.{{cite news |title=Kotak Mahindra Bank acquires microlender Sonata for Rs 537 cr in all cash deal - ET BFSI |url=https://bfsi.economictimes.indiatimes.com/news/nbfc/kotak-mahindra-bank-acquires-microlender-sonata-for-rs-537-cr-in-all-cash-deal/97850482 |access-date=17 February 2023 |work=Economic Times |language=en}}

In February 2024, Zurich Insurance Group announced its acquisition of a 70% stake in Kotak Mahindra General Insurance for {{INRconvert|5560|c}}.{{cite news |title=Zurich Insurance to buy 70% stake in Kotak arm upfront in amended deal |url=https://economictimes.indiatimes.com/markets/stocks/news/zurich-insurance-to-buy-70-stake-in-kotak-arm-upfront-in-amended-deal/articleshow/107949522.cms |access-date=3 May 2024 |work=The Economic Times |date=7 March 2024}}

Major subsidiaries of the Bank include {{Cite web|title=Investor Presentation|url=https://duzycfafl38re.cloudfront.net/Reports/InvestorPresentation/100247_20210127224012343.pdf}}

• Kotak Securities
• Kotak Mahindra Life Insurance
• Kotak Mahindra General Insurance
• Kotak AMC

In a study by Brand Finance Banking 500 published in February 2014 by Banker magazine, Kotak Mahindra Bank was ranked 245th among the world's top 500 banks with a brand valuation of around {{USD|481 million}} and brand rating of AA+.{{cite web|url=http://smartinvestor.business-standard.com/common/srchoutdet-225259-interim%20budget-Top_banks_on_a_slide_smaller_peers_do_better_Brand_Finance_study.htm|title=Top banks on a slide; smaller peers do better: Brand Finance study – The Smart Investor|access-date=3 September 2015}}{{cite web|url=http://www.thebanker.com/Banker-Data/Banker-Rankings/The-Top-500-Banking-Brands-2014?ct=true|title=The Banker – The Banker|author=The Banker|access-date=3 September 2015}}

In 2020, Kotak pledged to donate {{INR|50 crore}} to the PM CARES Fund to fight against the COVID-19 pandemic in India.{{Cite web|date=29 March 2020|title=Kotak Mahindra Bank, Uday Kotak jointly pledge ₹50 to PM-CARES Fund|url=https://www.livemint.com/news/india/kotak-mahindra-bank-uday-kotak-jointly-pledge-rs-50-crore-to-pm-cares-fund-11585477616252.html|access-date=2 July 2020|website=Livemint|language=en}}

In April 2024, the Reserve Bank of India barred Kotak Mahindra Bank from onboarding new customers via mobile banking, online channels, and issuing new credit cards.{{Cite web |last=Vyas |first=Hitesh |date=2024-04-24 |title=RBI bars Kotak Mahindra Bank from onboarding new customers via online, mobile banking channels |url=https://indianexpress.com/article/business/banking-and-finance/rbi-bars-kotak-mahindra-bank-9288199/ |access-date=2024-05-15 |website=The Indian Express |language=en}} Existing customers were not affected. The RBI cited deficiencies in the bank's IT systems as the reason for this action.{{Cite news |last=Ghosh |first=Saptaparno |date=2024-05-07 |title=The Kotak Mahindra Bank controversy {{!}} Explained |url=https://www.thehindu.com/business/Industry/the-kotak-mahindra-bank-controversy-explained/article68150904.ece |access-date=2024-05-15 |work=The Hindu |language=en-IN |issn=0971-751X}}

• Banking in India
• List of banks in India
• Indian Financial System Code

{{reflist}}{{Cite web |date=13 August 2024 |title=Kotak811 Zero Balance Account |url=https://www.outlookindia.com/hub4business/why-zero-balance-savings-accounts-are-becoming-popular |publisher=Outlook India}}

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• {{Cite journal |last1=Rohit Jain |first1=Neena |last2=Jaisinghani |first2=Dinesh |date=5 June 2017 |title=Overcoming the HR challenge: a case of merger of Kotak Mahindra Bank and ING Vysya Bank |url=https://www.emerald.com/insight/content/doi/10.1108/EEMCS-09-2016-0187/full/html |journal=Emerald Emerging Markets Case Studies |volume=7 |issue=2 |pages=1–16 |doi=10.1108/EEMCS-09-2016-0187}}
• {{Cite journal |last1=Rao |first1=K.S. |last2=Kumar |first2=K. Phani |date=2016 |title=Valuing a Deal - Kotak Mahindra Bank and ING Vysya Bank : A Case Study. |url=https://openurl.ebsco.com/EPDB%3Agcd%3A15%3A28900703/detailv2?sid=ebsco%3Aplink%3Ascholar&id=ebsco%3Agcd%3A116834702&crl=c |journal=Anvesha |volume=9 |issue=1 |issn=0974-5467 |via=EBSCOHost}}