Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank’s life insurance arm is likely to incur a loss of up to Rs 275 crore for the quarter ended June 2021 due to high fatalities in India during the second wave of COVID-19. Due to increased claims and higher mortality related provisioning arising on account of the second wave, the company is likely to incur a loss for the quarter ended June 2021 in the estimated range of Rs 225-275 crore on shareholder's account. The provisioning going forward will depend on the trends in mortality. The company continues to have a strong capital and solvency position.

Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.