Kotak Mahindra Bank Ltd.

Private sector lender, Kotak Mahindra Bank has reportedly tied up with Western Union Payment Services to offer Domestic Money Transfer (DMT) services in India under a Business Correspondent (BC) model. This new service will facilitate a vast section of unbanked and banked Indians to send their money to most banks across India to their family members and relatives during and beyond traditional banking hours with ease.

The bank’s net profit for the quarter ended March 31, 2013 rise by 46.91% at Rs 4362.10 crore for the quarter as compared to Rs 2969.30 crore for the quarter ended March 31, 2012. Bank’s total income has increased by 28.67% at Rs 25722.30 crore for the quarter under review as compared to Rs 19990.60 crore for the corresponding quarter of the previous fiscal.