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Kotak Mahindra Bank aims to add 200 branches in FY25, boosting branch staff to offset online onboarding limits due to RBI's regulatory curbs. The bank is enhancing productivity and focusing on high-value customers while expanding technology workforce

Kotak Mahindra Bank to increase number of branches by 20% after RBI curbs

<h2>Kotak Mahindra Bank aims to add 200 branches in FY25, boosting branch staff to offset online onboarding limits due to RBI's regulatory curbs. The bank is enhancing productivity and focusing on high-value customers while expanding technology workforce</h2>

Kotak Mahindra Bank is preparing to add 200 branches in FY25 which is about 20% higher than the branches added in FY24, reported Financial Express. In 2023-24, the bank added only 168 branches. This comes amidst RBI's regulatory curbs prohibiting Kotak Mahindra Bank's online and mobile banking channels from adding new customers.
<h3>More Kotak branches</h3>
As per Financial Express, the bank is also planning to increase front-end staff at every branch to source new customers. As on March 31, the total branch count stood at 1,948. Around 45% of branches are located in metros.
&ldquo;We have focused on improving productivity of our frontline branch staff through data analytics, providing better quality leads to our ground team and enhancing quality of new customers being acquired,&rdquo; Virat Diwanji, group president and head of consumer banking, Kotak Mahindra Bank, said.
Diwanji also told Financial Express that it might not be possible to cover the gap purely on the number of customers acquired digitally. But the bank is looking to considerably bridge the value gap by driving higher numbers through physical sales force at branches, focusing on customers with higher potential value and deepening the relationship value of existing customers. The report also added that the bank will actively use &lsquo;One-Kotak&rsquo; for inter-group synergies and cross-sell opportunities.
<h3>RBI curbs on Kotak Mahindra Bank</h3>
The Reserve Bank of India on April 24 restricted Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards. However, the bank can continue to provide services to existing customers.
This comes, as RBI found serious deficiencies and non-compliances in the areas of information technology inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigor and drill.
&ldquo;The RBI has clearly defined what we need to achieve to go back to business as usual. We are fully committed to meeting these requirements and are working steadfastly to fulfilling it as quickly as possible,&rdquo; Diwanji told Financial Express.
Earlier, the bank said it was planning to expand the technology workforce by hiring around 400 engineers in the current fiscal.
Also watch: <a href="https://www.editorji.com/business-news/rbi-bars-kotak-mahindra-bank-from-issuing-new-credit-cards-onboarding-customers-online-1713958262970">RBI bars Kotak Mahindra Bank from issuing new credit cards, onboarding customers online</a>

In the wake of surge in departure of senior employees in a condensed 6 month timeframe and RBI's digital bank, analysts at Nuvama has downgraded the stock to 'Reduce' while Jefferies has maintained its 'Hold' stance

Kotak Mahindra Bank shares hit 52 week low as Joint MD KVS Manian steps down

<h2>In the wake of surge in departure of senior employees in a condensed 6 month timeframe and RBI's digital bank, analysts at Nuvama has downgraded the stock to 'Reduce' while Jefferies has maintained its 'Hold' stance</h2>

Shares of Kotak Mahindra Bank were down nearly 3% on Thursday. The shares hit a 52 week low of Rs 1,552.55 apiece, on Thursday after its Joint Managing Director KVS Manian resigned from the role and the board. Manian who was with the bank for 29 years was recently promoted to the role of Joint MD.&nbsp;
<h3>Seniors exit Kotak Mahindra Bank</h3>
As per Analysts, there has been a notable surge in senior departures within a condensed six-month timeframe amid the appointment of new CEO. This is also coupled with an attrition rate that surpassed industry standards. Along with this, the RBI's digital ban has also underscored deficiencies in the digital capabilities that the bank previously depicted as a core competency.
In the wake of all these events, analysts at Nuvama have downgraded the stock to &lsquo;Reduce,&rsquo; with a target price of Rs 1,530.
&ldquo;Losing a long standing KMP is a negative amid many KMP exits in the last one year and on the back of RBI&rsquo;s recent ban on Kotak,&rdquo; said Nuvama Institutional Equities in a note. &ldquo;We believe the recent changes shall hurt growth and profit at least for 12&ndash;18 months,&rdquo; they added.&nbsp;
Jefferies has also warned to watch out for more exits as these exits may lead to extension of RBI&rsquo;s restrictions on issuing fresh credit cards and onboarding new customers online. Jefferies has maintained 'Hold' for a target price of Rs 1,970, however, has suggested that senior level exits can affect growth and valuations of the bank.
As per BSE, the market capitalisation of Kotak Mahindra Bank is over Rs 3.10 lakh crore.&nbsp;
Also watch: <a href="https://www.editorji.com/business-news/markets/kotak-mahindra-bank-shares-plunge-10-in-early-trade-amid-rbi-s-restriction-1714022168090">Kotak Mahindra Bank shares plunge 10% in early trade amid RBI's restriction</a>

After RBI's notification observing, serious deficiencies and non-compliances in areas including IT management, user access management, data security, data leak prevention on Kotak Mahindra Bank, the share prices of the bank tanked 10% in the early trade

Kotak Mahindra Bank shares plunge 10% in early trade amid RBI's restriction

<h2>After RBI's notification observing, serious deficiencies and non-compliances in areas including IT management, user access management, data security, data leak prevention on Kotak Mahindra Bank, the share prices of the bank tanked 10% in the early trade</h2>

The share price of Kotak Mahindra Bank plunged 10% in early trade on Thursday after the Reserve Bank of India took stringent action, instructing the bank to halt the onboarding of new customers via its online and mobile banking platforms, as well as suspending the issuance of fresh credit cards. The share prices declined as much as 10% to Rs 1,658.75 apiece on the BSE.
<h3>RBI restriction</h3>
This move by RBI comes in response to grave concerns raised by the central bank's IT examination for the years 2022 and 2023, with ongoing issues remaining unaddressed by Kotak Mahindra Bank in a timely and comprehensive manner, according to the RBI's statement.
The RBI's examination revealed serious deficiencies and non-compliances in various crucial areas, including IT inventory management, patch and change management, user access management, vendor risk management, data security, and disaster recovery protocols. Moreover, for two consecutive years, the bank failed to meet the requirements outlined in regulatory guidelines for IT risk and information security governance.
Despite corrective action plans issued by the RBI in previous years, Kotak Mahindra Bank was found to be significantly non-compliant, with submissions either inadequate, incorrect, or unsustainable. The lack of a robust IT infrastructure and risk management framework has resulted in frequent and significant outages in the bank's core banking system and digital channels, with a notable disruption occurring as recently as April 15, 2024, causing substantial inconvenience to customers.
Also Watch: <a href="https://www.editorji.com/business-news/rbi-bars-kotak-mahindra-bank-from-issuing-new-credit-cards-onboarding-customers-online-1713958262970">RBI bars Kotak Mahindra Bank from issuing new credit cards, onboarding customers online</a>
&nbsp;

The valuation of Kotak General Insurance is expected to go around Rs 7,943 crore after Zurich Insurance Company invests $500 million, acquiring 51% stake in the company

Zurich Insurance Company to acquire 51% stake in Kotak General Insurance for ₹4000 crore

<h2>The valuation of Kotak General Insurance is expected to go around Rs 7,943 crore after Zurich Insurance Company invests $500 million, acquiring 51% stake in the company</h2>

Kotak General Insurance:&nbsp;Zurich Insurance company has decided to invest around Rs 4,051 crore or $500 million to acquire a 51% stake in Kotak General Insurance. The investment will take place through a combination of fresh growth capital and share purchase.
<h3>Fund Raising</h3>
Kotak Mahindra Bank in its exchange filing has said that Zurich Insurance company will acquire an additional stake of 19% within a period of three years from its initial acquisition. The valuation of Kotak General Insurance is expected to go around Rs 7,943 crore post transaction. It further added that Kotak General Insurance will cease to be a subsidiary of the bank after the transaction.
"Once Zurich acquires the 51 per cent shareholding in Kotak General Insurance, it will cease to be a subsidiary of the Bank," the filing further said.
Also Read: <a href="https://www.editorji.com/business-news/disney-reliance-multibillion-dollar-deal-likely-to-face-valuation-hurdle-report-1698137370388">Disney-Reliance multibillion dollar deal likely to face valuation hurdle: Report</a>
As per Business Today, the transition is subject to customary conditions precedent including regulatory approvals from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), and the Competition Commission of India (CCI).&nbsp;
Kotak Mahindra Bank MD and CEO Dipak Gupta has mentioned that the combined expertise of the two brands will be significant in providing innovative solutions to meet evolving needs of our customers.
&ldquo;The alliance brings together two trusted and respected brands. The combined expertise and resources of the respective firms will enable us to provide innovative solutions to meet the evolving needs of our customers. Kotak Mahindra Group&rsquo;s pan-India &lsquo;phygital&rsquo; distribution presence and Zurich&rsquo;s distinct global capabilities in digital assets, B2B and B2C formats has potential to create a transformational &lsquo;digical&rsquo; impact for the Kotak General Insurance franchise delivering innovation efficiently and rapidly in the Indian general insurance space,&rdquo; Gupta said
The fully-owned subsidiary of the Kotak Mahindra Bank Limited Kotak General Insurance offers non-life insurance products like motor, health, home, fire, marine, and liability insurances.

Kotak halts mid-cap stock recommendations amid a 31% market surge, attributing the rally to irrational investor exuberance. Most stocks now trade near fair values, with limited growth potential, particularly outside the BFSI sector

Kotak halts midcap stock recommendations, says 'irrational exuberance' behind rise in prices

Kotak halts mid-cap stock recommendations amid a 31% market surge, attributing the rally to irrational investor exuberance. Most stocks now trade near fair values, with limited growth potential, particularly outside the BFSI sector

Kotak Institutional Equities has ceased recommendations of mid-cap companies due to a perceived lack of growth potential, with only a handful in the financial space showing promise after a historic rally this year.&nbsp;
The midcap index has experienced a remarkable 31% surge in 2023, which eclipses the 10% rise in the Nifty 50 benchmark index and has sparked concerns of an imminent market correction.
In a note, Kotak analysts Sanjeev Prasad, Anindya Bhowmik, and Sunita Baldawa attributed the rally to "irrational exuberance among investors" driven by recent high returns. They emphasized, "We see limited point in trying to find fundamental reasons behind the steep increase in stock prices..."
Kotak's model mid-cap portfolio now finds most of its 15 stocks trading close to their 12-month fair values. The brokerage acknowledged that it struggled to identify opportunities outside of the banking, financial services, and insurance (BFSI) sector. Of the portfolio's holdings, five belong to the BFSI sector.
The analysts stated that recommending stocks with low conviction and potential downside, given deteriorating company fundamentals in many cases, would be incorrect. Among the notable underperformers in Kotak's model mid-cap portfolio are Aditya Birla Fashion, Crompton Greaves, Jubilant FoodWorks, Voltas, TCNS Clothing, Page Industries, and Vedant Fashions.
The brokerage also highlighted that some of these stocks have underperformed due to weak consumer demand.&nbsp;
Kotak Institutional Equities, also expressed reservations about the quality of these stocks due to their historical track records of weak execution and governance issues.
The decision to halt mid-cap recommendations reflects a cautious approach in response to market dynamics and the uncertain outlook for mid-cap stocks in India's current economic landscape.

Kotak Mahindra Bank's board hires consulting firm Egon Zhender to conduct a global search for a new CEO for the bank to replace founder & CEO Uday Kotak. 

Kotak Bank board launches global search for a new CEO to replace Uday Kotak 

Kotak Mahindra Bank's board hires consulting firm Egon Zhender to conduct a global search for a new CEO for the bank to replace founder &amp; CEO Uday Kotak, as per a bloomberg report.&nbsp;

Kotak Mahindra Bank's board has engaged consulting firm Egon Zhender to lead a global search to replace Founder CEO, Uday Kotak, according to a Bloomberg report. This has been done to expand the search to ensure it finds suitable candidates.&nbsp;
Internal contenders for the job include group Presidents and whole-time directors Shanti Ekambaram and KVS Manian. Kotak's son Jay Kotak is not a contendor for the job.&nbsp;
Uday Kotak has been leading the bank since inception and will transition from his CEO position by the end of next year after RBI's guidelines capped tenures for Indian business heads.&nbsp;
A representative for Kotak Mahindra Bank declined to comment, while a representative for Egon Zehnder didn&rsquo;t immediately respond to requests for comment.
&nbsp;
&nbsp;

Kotak withdraws campaign after Tanmay Bhat's old tweet on Ganesha resurfaces

Bank withdraws ad campaign after old Ganesha tweets of Tanmay Bhat resurface on Twitter

Kotak takes withdraws featuring Tanmay Bhat after comedian's old tweet on Ganesh goes viral

Netizens pointed to Tanmay Bhat's decade old tweet alleging that the comedian was mocking Indian gods. Users asked the bank whether it supports comedian's views

Kotak Mahindra Bank has withdrawn its latest campaign featuring comedians Samay Raina and Tanmay Bhat following backlash from netizens.
Netizens pointed to Tanmay Bhat's decade old tweet alleging that the comedian was mocking Indian gods. Users asked the bank whether it supports comedian's views.
Withdrawing the campaign the bank said it does not endorse the views of actors that harm or offend any individual or group.
In a February 11 tweet, a user posted screenshot of Bhat's old tweets on Indian Gods, "Dear @udaykotak do you agree with Hindu hater Tanmay Bhatt&rsquo;s description of Shri Ganesh Murti? Do your customers agree? @KotakBankLtd." &nbsp;
This followed a backlash spree with netizens slamming the bank and asking it to call off its campaign.
Kotak's recently released advertisement campaign #SamayKoSahiKaamPeLagao starring Bhat and Raina focuses on digital banking for better convenience.
Also watch: <a href="https://www.editorji.com/world-news/on-camera-cctv-footage-shows-building-crumbling-when-7-8-magnitude-quake-hit-turkey-city-1676294861421">On camera: CCTV footage shows building crumbling when 7.8 magnitude quake hit Turkey city</a>

Jay Kotak, son of Asia's richest banker Uday Kotak, could be getting all trained up to take over the reins of the latter.
Jay, who is a co-head at Kotak 811 currently, joined the conglomerate post his MBA from Harvard in 2017. He also has a BA in History from Columbia University and has previously worked with McKinsey and Goldman Sachs.
In 2019, Jay moved to Kotak Mahindra Bank's consumer banking business as executive assistant to Shanti Ekambaram, group president of the consumer bank. Thereafter, in January 2021, Jay joined the Kotak 811 team. Manish Agarwal is the business head of Kotak 811 and is responsible for the business.
Jay was appointed co-head of Kotak 811 from January 2022 and is responsible for the strategy and the product. Both Manish and Jay drive the Kotak 811 business under Shanti's oversight.
Jay Kotak's quick elevation in the career comes as Uday Kotak's tenure as CEO is on its last lap after the Reserve Bank of India capped the tenure of incumbent bank CEOs at 15 years in April 2021. The RBI order came just days after the central bank had approved a three-year tenure for Kotak starting January 2021. Hence, analysts believe that Kotak, who has already been at the helm for 18 years, is unlikely to get another term as the bank's executive head.
His latest three-year term as the bank's head is due to end in December 2023. Analysts, however, believe Uday Kotak's immediate successor could be KVS Manian, an executive director and a veteran at the bank.

Meet Jay Kotak: the scion from the house of Kotak

Jay joined Kotak Mahindra Bank post his MBA from Harvard in 2017. He also has a BA in History from Columbia University.


Jay joined Kotak Mahindra Bank&nbsp;post his MBA from Harvard in 2017. He also has a BA in History from Columbia University.

Jay Kotak, son of Asia's richest banker Uday&nbsp;Kotak,&nbsp;could be getting all trained up to take over the reins of the latter.
Jay, who is a co-head at Kotak&nbsp;811 currently, joined the conglomerate&nbsp;post his MBA from Harvard in 2017. He also has a BA in History from Columbia University and has previously worked with McKinsey&nbsp;and Goldman Sachs.
Also read/watch | <a href="https://www.editorji.com/business-news/personal-finance/fake-rs-500-notes-rbi-warns-of-big-surge-here-is-how-to-check-if-your-note-is-fake-1653881227509" target="_blank">Fake Rs 500 notes! RBI warns of big surge, here is how to check if your note is fake</a>
In 2019, Jay&nbsp;moved to&nbsp;Kotak Mahindra Bank's consumer banking business as executive assistant to Shanti Ekambaram, group president of the consumer bank. Thereafter, in January 2021, Jay joined the Kotak 811 team. Manish Agarwal is the business head of Kotak 811 and is responsible for the business.
Jay was appointed co-head of Kotak 811 from January 2022 and is responsible for the strategy and the product. Both Manish and Jay drive the Kotak 811 business under Shanti's oversight.
Also read/watch | <a href="https://www.editorji.com/business-news/world-s-top-paid-ceos-yes-it-is-a-complete-tech-takeover-1653881032183" target="_blank">World's top paid CEOs: Yes it is a complete tech takeover!</a>
Jay Kotak's&nbsp;quick elevation in the career comes as Uday Kotak's tenure as CEO is on its last lap after the Reserve Bank of India capped the tenure of incumbent bank CEOs at 15 years in April 2021. The RBI order came just days after the central bank had approved a three-year tenure for Kotak starting January 2021. Hence, analysts believe that Kotak, who has already been at the helm for 18 years, is unlikely to get another term as the bank's executive head.
His latest three-year term as the bank's head is due to end in December 2023. Analysts, however, believe Uday Kotak's immediate successor could be KVS Manian, an executive director and a veteran at the bank.

Kotak Mahindra Bank becomes the first Indian lender to accept 'soon to be regulated' cryptocurrencies.
As per an ET report, one of the country's largest crypto exchanges WazirX has opened an account with Kotak which will be used for all its transactions with investors. 
Kotak would be the first among major banks to open its gates to the crypto community as for almost eight months most high-street banks stopped payments for all the crypto platforms amid uncertainty on their legal status.
The deal would be a big achievement for WazirX as most of its payments system was shifted to the fintech app Mobikwik which would face a lot of issues during peak time.
WazirX could see a lot of investors switching to its platform as its competitors continue to rely on the payments infrastructure that saw a strong dissatisfaction from Indian crypto investors.

Kotak banks on crypto, shakes hands with WazirX

WazirX gets Kotak's support as its investors will soon be able to transact through one of the largest Indian lenders.

Kotak gets cozy with crypto

WazirX&nbsp;investors could soon use Kotak&nbsp;Bank for all the deposits and withdrawals on crypto exchange

Kotak&nbsp;Mahindra&nbsp;Bank becomes the first Indian lender to accept 'soon to be regulated' cryptocurrencies.
ET reports that WazirX, one of the country's largest crypto&nbsp;exchanges has&nbsp;opened an account with Kotak&nbsp;which will be used for all its transactions with investors.&nbsp;
Kotak&nbsp;would be the first among major banks to open its gates to the crypto&nbsp;community as for almost eight months most high-street banks stopped payments for all the crypto&nbsp;platforms amid uncertainty&nbsp;on their legal status.
The deal would be a big achievement for WazirX&nbsp;as&nbsp;most of its&nbsp;payments system was shifted to the fintech&nbsp;app Mobikwik&nbsp;which would face a lot of issues during peak time.
WazirX&nbsp;could see a lot of investors switching to its platform as its competitors continue to rely on the payments infrastructure&nbsp;that saw a strong dissatisfaction from Indian crypto investors.

Market regulator Securities and Exchange Board of India barred Kotak Mahindra Asset Management Company from launching any new fixed maturity plans for the next six Month

SEBI bars Kotak from launching any new fixed maturity plans, slaps fine of Rs 50 lakh

Find out why SEBI&nbsp;has barred Kotak&nbsp;AMC&nbsp;from launching any new fixed maturity plans.&nbsp;

SEBI bars Kotak AMC from launching FMPs for 6 months

SEBI&nbsp;bans Kotak AMC from launching new FMP scheme for six months
Kotak penalised because of delayed payments made in six FMPs in 2019
 SEBI&nbsp;imposed a penalty of&nbsp;₹50 lakh on Kotak Mahindra AMC

<div class="summery">
<h2>The market regulator also imposed a penalty of Rs 50 lakh on Kotak Mahindra AMC, which is to be paid within 45 days</h2>
</div>
<div class="authorBox">&nbsp;</div>

Market regulator Securities and Exchange Board of India (SEBI) barred&nbsp;&nbsp;Kotak Mahindra Asset Management Company (AMC) from launching any new fixed maturity plans (FMP) for the next six months.
The move has come against delay in payment of full proceeds to investors of six FMP schemes run by the AMC&nbsp;in 2019. FMPs that were due for maturity in April-May, were in fact fully redeemed only in September of that year as per the SEBI&nbsp;order.&nbsp;
<a href="https://www.editorji.com/story/crypto-corner-sebi-bets-on-blockchain-what-is-dlt-and-how-it-marks-a-big-change-1629186153538" target="_blank">SEBI </a>said it noticed that investors of certain FMP schemes launched by the Kotak Mahindra AMC were not paid their full proceeds based on the declared net asset value (NAV).
Also watch:&nbsp;<a href="https://www.editorji.com/story/crypto-corner-sebi-bets-on-blockchain-what-is-dlt-and-how-it-marks-a-big-change-1629186153538" target="_blank">Crypto Corner: SEBI bets on blockchain, What is DLT and how it marks a big change</a>
Further, apart from this, the market regulator also imposed a penalty of Rs 50 lakh on Kotak Mahindra AMC, which is to be paid within 45 days. Besides, SEBI has also directed the AMC to refund part of the investment management and advisory fees collected from unitholders of six FMP schemes, as per the report.

The RBI has capped tenure of bank CEOs at 15 years for promoter chief executives and 12 years for others.&nbsp;Banks have been asked to comply with the rules by October 2021 however, existing CEOs can continue till the end of their current term.This is no uncertain terms means that Uday&nbsp;Kotak&nbsp;who had was granted reappointed by the RBI for a period of three years starting January 2021 will be serving his last term as Kotak&nbsp;Bank chief. What may come as a blow to the bank is that the obvious successor Dipak&nbsp;Gupta, the current&nbsp;Joint MD will also be out of the running as the RBI&nbsp;norms also restrict whole time director tenures to 15 years as well.
&nbsp;

All eyes on Uday Kotak as RBI caps bank CEO tenure at 15 years

The new RBI&nbsp;norms capping CEO tenure indicate that Uday&nbsp;Kotak&nbsp;will be serving his last term as chief&nbsp;of the bank.&nbsp;

Uday Kotak to finally step down?

<ul>
<li>RBI&nbsp;caps tenure for bank CEOs; promoters at 15 years, others 12 years</li>
<li>RBI&nbsp;asks banks to comply with CEO tenure norms by October 2021</li>
<li>Uday&nbsp;Kotak&nbsp;reappointed on January 2021 for three years will be serving his last term&nbsp;</li>
<li>RBI&nbsp;has also restricted tenure of whole time directors of banks to 15 years&nbsp;</li>
</ul>

The RBI has capped the tenure of bank CEOs at 15 years for promoter chief executives and 12 years for others.&nbsp;Banks have been asked to comply with the rules by October 2021. However, existing CEOs can continue till the end of their current term. This is no uncertain term, which means that Uday&nbsp;Kotak,&nbsp;who was reappointed by the RBI for a period of three years starting January 2021, will be serving his last term as Kotak&nbsp;Bank chief. What may come as a blow to the bank is that the obvious successor Dipak&nbsp;Gupta, the current&nbsp;Joint MD will also be out of the running as the RBI&nbsp;norms also restrict whole time director tenures to 15 years as well.
&nbsp;

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