In line with The Reserve Bank of India’s reforms policy in banking sector, the Kotak Mahindra Bank plans to open 10 specialised branches by March 2014 end.
The 10 new specialised branches would be to cater to Agriculture Sector, Small and Medium Enterprises and Wealth and NRI Accounts. These would be opened in the cities of Bangalore, Delhi and Mumbai. Ludhiana’s Miller Ganj branch already caters to these sectors.
The 10 branches would be part of about 100 new branches, the Kotak Mahindra Bank plans to open during this year. At present the number of Kotak Mahindra Bank branches across the country is 445 and it would go upto 550 by the end of this year. In Punjab, the Bank currently has 41 branches and would add another 8 to 10 branches this year. The bank had deposits of about Rs 2200 crores and advances of about Rs 2000 crores in Punjab suggesting a healthy CD ratio of about 90 per cent.
Executivge Vice-President of Kotak Mahindra Bank, Mahesh Balasubramanian who was in Chandigarh today to launch “Kotak Junior Account” said at a press conference that this account has been designed to encourage the child to save smartly from an early age. Kotak Junior not only offers you up to 6% interest per annum on the account but also a 10 year Recurring Deposits and linked Systematic Investment Plans intended to provide long term savings for the child. In this account, Debit Cards will be issued on the request of the guardian to children above the age of 10 years and it will have a withdrawal limit of Rs.5,000.
Balasubramanian told that despite unfavourable conditions, Kotak Mahindra Bank’s Saving Accounts grew 47 per cent last year, thanks to 6 per cent return on these accounts. He said that the Bank had set a benchmark to grow above the industry trends.