Consolidation in Indian banking must happen: Uday Kotak
Consolidation in Indian banking must take place and it is way to the future, said Uday Kotak, Executive Vice-Chairman and Managing Director, Kotak Mahindra Bank.
By PTI |
BANGALORE: Consolidation in Indian banking must take place and it is way to the future, said Uday Kotak, Executive Vice-Chairman and Managing Director, Kotak Mahindra Bank.
"Consolidation in Indian banking must happen and this is going to be the future of banking given global scenario," he said on the sidelines of the launch of its Salary 2 Wealth account and the 100th branch of its life insurance division in Bangalore on Thursday.
He said, "Consolidation must happen not just between PSU banks but also between private sector banks and PSU banks".
To a query on the RBI monetary policy which is going to be announced on October 30, Uday said "there is a possibility of increase in CRR (Credit Rate Ratio) if the foreign inflow is high. If it (inflow) is low, then CRR will be maintained. However, my feeling is CRR will remain status quo".
On financial inclusion, he said the bank was moving very much towards financial inclusion with 45 per cent of its advances being to the priority sector. "In fact, I see the Salary 2 Wealth as a product in that category".
"Salary 2 Wealth will improve customer's returns as a saver as he will be able to save and invest along with regular spending," KVS Manian, Group Head Retail Liabilities and Branch banking said.
Kotak Mahindra bank, which has 134 branches spread across 92 locations in the country, plans to reach the 200th branch mark by mid next year.
Gaurav Shah, who heads Kotak's life insurance division, said "it is looking at 50 more branches by March 2008 out of which 30 per cent is going to be in the south".
"Consolidation in Indian banking must happen and this is going to be the future of banking given global scenario," he said on the sidelines of the launch of its Salary 2 Wealth account and the 100th branch of its life insurance division in Bangalore on Thursday.
He said, "Consolidation must happen not just between PSU banks but also between private sector banks and PSU banks".
To a query on the RBI monetary policy which is going to be announced on October 30, Uday said "there is a possibility of increase in CRR (Credit Rate Ratio) if the foreign inflow is high. If it (inflow) is low, then CRR will be maintained. However, my feeling is CRR will remain status quo".
On financial inclusion, he said the bank was moving very much towards financial inclusion with 45 per cent of its advances being to the priority sector. "In fact, I see the Salary 2 Wealth as a product in that category".
"Salary 2 Wealth will improve customer's returns as a saver as he will be able to save and invest along with regular spending," KVS Manian, Group Head Retail Liabilities and Branch banking said.
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Kotak Mahindra bank, which has 134 branches spread across 92 locations in the country, plans to reach the 200th branch mark by mid next year.
Gaurav Shah, who heads Kotak's life insurance division, said "it is looking at 50 more branches by March 2008 out of which 30 per cent is going to be in the south".
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