Kotak Mahindra Bank gets RBI’s nod to form arm to enter into General Insurance Biz

Kotak Mahindra Bank has received approval from Reserve Bank of India (RBI) to form a subsidiary to enter the General Insurance business. The bank had earlier received an in-principle approval from Insurance Regulatory and Development Authority (IRDA) for incorporation of a General Insurance Company. The company would now be required to apply and complete the registration process with IRDA to act as a General Insurance company, subject to the provisions of Insurance Act 1938, Companies Act, 2013, regulations notified by IRDA and all other laws prevailing in India. Kotak Mahindra Bank is engaged in commercial banking, stock broking, mutual funds, life insurance and investment banking. The bank has an international presence through its subsidiaries with offices in London, New York, Dubai, Mauritius, San Francisco and Singapore that specialize in providing services to overseas investors seeking to invest into India.