Kotak Mahindra Bank opens its branch in Kozhikode

Kotak Mahindra Bank (KMB), one of India’s leading private banks, strengthened its presence in the state of Kerala with the inauguration of its first branch in Kozhikode.

This is the Bank’s fourth branch in the state, the other three being in Kottayam, Kochi and Thrivananthapuram and the occasion also marked the launch of Kotak NRI Credit Card, specially designed for the Bank’s NRI customers.

The card can be applied for against Term Deposit of Rs 1 lac or above, where credit limit can be as high as up to 80 percent of the term deposit.

Speaking on the occasion, Mr. C Jayaram, Executive Director, Kotak Mahindra Bank said, 'As a Group, we see tremendous potential in Kerala. In the recent past, Kerala has seen a significant growth in Commerce, IT & ITES sectors', he said.

The commencement of our branch operations in Kozhikode is a gateway to deepen our reach and consumer engagements in the region. The city has been one of the fast developing ones, which provides us with significant growth opportunities', he said.

'We are also pleased to offer the Kotak NRI Credit Card specially designed for our NRI customers. The city has a large population employed in the Middle Eastern countries and this card has been customised to their requirements', he said.

Through its branch banking network, KMB offers savings accounts, term deposit schemes, loan offerings and investment products amongst other gamut of offerings.

The Bank at present has a network of 263 branches and 555 plus ATMs across 152 locations in the country.

Established in 1985, the Kotak Mahindra group has been one of India's leading financial services conglomerate. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India (RBI).

This approval creates banking history since Kotak Mahindra Finance Ltd. Is the first non-banking finance company in India to convert itself in to a bank as Kotak Mahindra Bank Ltd.