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.
Other top banking news
- Bharatiya Mahila Bank aims at adding 55 new branches in FY 2014-15 (March 11, 2014)
- Indian banking sector to be hit with Microsoft withdrawal of support for XP (March 4, 2014)
- Withdrawal of old Currency Notes in circulation in India (February 22, 2014)
- Linking of MNREGS with the Banking System (February 22, 2014)