Kotak Mahindra Bank Ltd.

Private sector lender, Kotak Mahindra Bank (KMB) has received approval from the Foreign Investment Promotion Board (FIPB) for its proposal to increase foreign direct investment (FDI) in the bank to 55%. FIPB, which takes up FDI proposals where approval is not automatic, gave a green signal to KMB’s proposal in its meeting on July 03, following approval from the Department of Financial Services and the Department of Industrial Policy & Promotion. The proposal was deferred 4 times before.

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.