Reserve Bank of India has sanctioned the Scheme of Amalgamation of ING Vysya Bank with Kotak Mahindra Bank. The Scheme has been sanctioned in exercise of the powers contained in Sub-section (4) of Section 44A of the Banking Regulation Act, 1949. All the branches of ING Vysya Bank will function as branches of Kotak Mahindra Bank with effect from April 1, 2015.
Kotak Mahindra Bank is engaged in commercial banking, stock broking, mutual funds, life insurance and investment banking. The bank has an international presence through its subsidiaries with offices in London, New York, Dubai, Mauritius, San Francisco and Singapore that specialize in providing services to overseas investors seeking to invest into India.
