- This reflects the growth of Kotak Group
- Harish Mahindra and Anand Mahindra took a stake in Kotak Group in 1986
- Kotak Mahindra is one of India's leading financial services group
The Kotak Mahindra group was incorporated in 1985 as Kotak Capital Management Finance Limited. This company was promoted by Uday Kotak, Sidney A. A. Pinto and Kotak & Company. An early backer of the Kotak Group has been industrialist Anand Mahindra, who recently tweeted that it has been one of his best decisions. Industrialists Harish Mahindra and Anand Mahindra took a stake in 1986, and that is when the company's name was changed to Kotak Mahindra Finance Limited. In 2003, Kotak Mahindra Finance was converted into a commercial bank.
1985. Young Uday Kotak enters my office&offers financing.He's so smart,I ask if I can invest in him.My Best decision https://t.co/cCfntHkiih— anand mahindra (@anandmahindra) March 25, 2017
In reply, Mr Kotak said this:
. @anandmahindra thank you Anand. You are my friend, mentor, guide in this journey.— Uday Kotak (@udaykotak) March 25, 2017
Kotak Bank last month launched an "811"digital savings account scheme aimed at doubling its customer base over the next 18 months. Mr Kotak said it has been named "811" "inspired by November 8, 2016, "the day that changed India" referring to Prime Minister Narendra Modi's announcement of high value notes last year. The 811 scheme offers a "completely digital, paperless account opening experience." The "zero balance, zero charge" account can be opened in just 5 minutes though its app, the bank claims. The account will offer users an interest rate of up to 6 per cent, depending on the balance they maintain.