Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank has received approval from Reserve Bank of India (RBI) to acquire 100% issued and paid up capital of Sonata Finance (Sonata) for a total consideration of around Rs 537 crore. The RBI has allowed Kotak to make Sonata as its business correspondent subsidiary and the entity will now be a wholly-owned subsidiary of Kotak Mahindra Bank. The acquisition will help the lender deepen presence in the rural and semi-urban pockets in north India. 

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.