ICRA

RBI has given its approval to HDFC Bank group to acquire “aggregate holding” of up to 9.50 percent of the share capital or voting rights in Kotak Mahindra Bank, AU Small Finance Bank and Capital Small Finance Bank. HDFC Bank, in a regulatory filing, said the banking regulator’s approval is valid for one year from the date of RBI’s letter - till January 2, 2026. Further HDFC Bank needs to ensure that the “aggregate holding” by its group entities (HDFC Mutual Fund, HDFC Life Insurance Company, HDFC ERGO General Insurance Company, HDFC Pension Fund Management and others) in the above mentioned banks does not exceed 9.50% of the paid-up share capital or voting rights of the respective banks, at all times. Whilst HDFC Bank does not intend to invest in these banks, since the “aggregate holding” of HDFC Bank group entities is likely to exceed the prescribed limit of 5%, an application seeking approval of RBI for increase in investment limits was made, per the regulatory filing. Further, since the RBI Directions is applicable to HDFC Bank, the Bank had made the application to RBI on behalf of the Group, on September 20, 2024.

RBI allows HDFC Bank to acquire up to 9.5% stake in Kotak Mahindra Bank, AU SFB, Capital SFB

Kotak Mahindra Bank on January 3, announced the resignation of Chief Technology Officer (CTO) and Chief Operating Officer (COO), Milind Nagnur. The resignation will be effective from the close of business hours on February 15, 2025. Nagnur cited personal reasons for his departure, including plans to relocate to the United States to care for family members. In his resignation letter, he expressed gratitude to the bank's leadership and colleagues for their support during his tenure.

Kotak Mahindra Bank's CTO and COO Milind Nagnur resigns

The issuer has made timely interest payments.

Mr. Ashok Vaswani, MD and CEO

The Kotak group’s net worth increased to ₹147,214 crore as of September 30, 2024, supported by its ability to raise capital. Net worth coverage for net non-performing assets (NPAs) remains strong at 64 times on a standalone basis.

The Kotak group’s RoA is ~2.6% for FY24 and 2.4% for H1FY25. Net interest margin is 4.5%, and cost of funds is 5.01%, supported by 44% low-cost current and savings accounts.


Asset quality remains strong, with gross NPAs at 1.4% and net NPAs at 0.3% as of March 31, 2024. NPA generation moderated to 1.6% in FY2024,  and is expected to stay between 1.2% and 1.8% going forward.

Security Name: 7.85% Kotak Mahindra Bank Limited 20 Mar 2030

ISIN:

INE237A08965

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AAA Stable

ICRA

Senior

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Kotak Mahindra Bank Limited

Recent News

RBI allows HDFC Bank to acquire up to 9.5% stake in Kotak Mahindra Bank, AU SFB, Capital SFB

Kotak Mahindra Bank's CTO and COO Milind Nagnur resigns

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