Kotak Bank to set up 12 new branches in Gujarat

Speaking about the bank's plans for Gujarat, KVS Manian, group-head Retail Liabilities & Branch Banking, Kotak Mahindra Bank said that the bank would invest around Rs 30 crore for network expansion in the state. Business from Gujarat accounts for nearly 15 per cent of the bank's total revenues.  
 
"Gujarat is one of the prosperous states in the country and a key market for us and we see immense potential for growth and expansion here. We have always been focused on Gujarat as a state, in view of its excellent and long track record of good and progressive governance, " said Manian.

 

He added that customers will be offered tech-savvy products such as the Virtual Card and Kotak BillPay, MF on Net and Call, among others, that enable customers to shop, make payments, invest, redeem funds and track portfolio.

The bank is also looking at the option of offering its banking services and financial solutions to government departments and the entities owned by it. The bank has not entered into any negotiations with the government yet but is interested in starting its government vertical services from Gujarat.

The bank is keen to offer services like payment of service tax, municipality tax and sales tax along with extending its banking services to government departments and public sector units.

Currently, the bank has over 184 branches and is planning to touch the 250 branch mark by the end of the current financial year.