Kotak Mahindra Bank, a private sector lender is likely to open its maiden overseas branch in Singapore and has applied for a license to the RBI. After getting RBI’s nod, the bank will have to get an approval from the Monetary Authority of Singapore.
The bank is also planning to expand its branch network in India. By 2013 the bank expects more than 500 branches, against 321 branches as on March 31.
Recently, Kotak Mahindra Bank has revised its base rate upwards by 50 basis points (bps) from 8.75% to 9.25% p.a. with effect from May 10, 2011. Hence all the categories of the loans (other than the exceptions permitted by RBI) will henceforth be priced with reference to the revised base rates. The Bank has also revised its Benchmark Prime Lending Rate (BPLR) upwards by 50 basis points and its deposit rates across tenor buckets by upto 50 basis points.
