Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank has received the mandate to collect VAT (value-added tax) in four states, as per the recent government developments to open up government business to private banks. The bank will be collecting tax from Delhi in mid-September and Andhra Pradesh this month. The facility will be extended in Gujarat and Punjab soon.

The bank has registered a rise of 12.07% in its net profit at Rs 282.45 crore for first quarter ended June 30, 2012 as compared to Rs 252.03 crore for the same quarter in the previous year. The total income of the bank has increased by 31.99% at Rs 2,056.98 crore for Q1FY13 as compared Rs 1,558.44 crore for the corresponding quarter previous year.