Kotak Mahindra Bank Ltd.

The Foreign Investment Promotion Board (FIPB) will consider Kotak Mahindra Bank’s proposal for raising foreign investment limit in the bank to 55 per cent, along with 47 other FDI applications on May 28

The Reserve Bank of India (RBI) has barred overseas investments in the bank after foreign shareholding in it hit the permissible threshold following merger of Kotak Bank with ING Vysya Bank.  The FIPB had deferred decision on the proposal in its meeting held on April 30.

The bank posted a rise of 29.46% in its net profit at Rs 527.14 crore for the quarter ended March 31, 2015 as compared to Rs 407.18 crore for the same quarter in the previous year. Total income of the bank increased by 27.27% at Rs 3249.08 crore for quarter under review as compared to Rs 2552.96 crore for the quarter ended March 31, 2014.