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Kotak Mahindra Bank plans Singapore Branch

June 20, 2011‐ Mumbai, Maharashtra, India

Indian private-sector bank Kotak Mahindra Bank has applied to Reserve Bank of India to get approval to open its first overseas branch. KMB is planning to open its first branch in Singapore as well as has plans to expand its branch network within India.

Business media reported that KMB executive director C. Jayaram is reported to have said that KMB has applied to RBI for approval and once it gets the same, it has to apply to Monetary Authority of Singapore.

The bank is also in advance stages of getting licenses to increase its branch network from the 321 branches it had as of March 31, 2011 to around 500 branches by 2013.

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