Kotak Mahindra Bank Ltd.

Reserve Bank of India has allowed overseas investors to buy stake in Kotak Mahindra Bank as foreign shareholding in the private bank has come below the prescribed limit. RBI has notified that the aggregate share holdings by Global Depository Receipts (GDR)/American Depository Receipts (ADR)/Foreign Direct Investment (FDI)/Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs) under Portfolio Investment Scheme in Kotak Mahindra Bank has gone below the prescribed limit stipulated under the extant FDI policy. Accordingly, the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect.

Kotak Mahindra Bank has registered 36.64% rise in its standalone net profit at Rs 634.72 crore for third quarter ended December 31, 2015 as compared to Rs 464.52 crore for the same quarter in the previous year. Total income of the bank has increased 61.77% at Rs 4843.86 crore for Q3FY16 as compared Rs 2994.2 crore for the corresponding quarter previous year.