Kotak Mahindra Bank to Accelerate Branch Expansion

25 Jun 2024 CW Team

"We have been adding roughly 150 odd branches for several years now. This year too, the momentum is going to continue," said Virat Diwanji, Group President and Head of Consumer Banking at Kotak Mahindra Bank, in an email interview with Reuters on Monday.

In April, the RBI barred Kotak from onboarding new customers via its online and mobile banking platforms and from issuing new credit cards. Prior to this, the bank heavily relied on digital means for customer acquisition, with 95% of new personal loans and 99% of new credit cards being issued digitally in the October-December quarter.

Kotak Mahindra Bank, India's fourth-largest private lender, will focus its expansion in areas with abundant deposit availability. Diwanji noted that customer acquisition through branches is gaining significant traction despite the recent challenges.

Financial experts believe this branch expansion strategy may not yield immediate results in terms of new customer acquisition but could enhance the bank?s market presence and reach in the medium-to-long term. "However, that will come with high overhead costs," commented Kranthi Baithini, Director of Equity Strategy at WealthMills Securities.

To address the RBI's concerns, Kotak Mahindra Bank is diligently working to upgrade its IT systems, focusing on fortifying digital payment security controls and complying with regulatory data cybersecurity standards. Diwanji mentioned that the bank has hired over 530 employees, predominantly from tech backgrounds, in the past 12-15 months to support these initiatives.

Despite the current digital restrictions, the bank's commitment to personal and business loans remains steadfast, as it continues to enhance its service capabilities both digitally and through its expanding branch network.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Kotak Mahindra Bank, one of India's leading private lenders, is set to ramp up its branch expansion efforts by adding approximately 175 to 200 new branches in the financial year 2024-25. This decision comes a few months after the Reserve Bank of India (RBI) imposed restrictions on the bank from sourcing new customers through digital channels due to IT-related deficiencies. We have been adding roughly 150 odd branches for several years now. This year too, the momentum is going to continue, said Virat Diwanji, Group President and Head of Consumer Banking at Kotak Mahindra Bank, in an email interview with Reuters on Monday. In April, the RBI barred Kotak from onboarding new customers via its online and mobile banking platforms and from issuing new credit cards. Prior to this, the bank heavily relied on digital means for customer acquisition, with 95% of new personal loans and 99% of new credit cards being issued digitally in the October-December quarter. Kotak Mahindra Bank, India's fourth-largest private lender, will focus its expansion in areas with abundant deposit availability. Diwanji noted that customer acquisition through branches is gaining significant traction despite the recent challenges. Financial experts believe this branch expansion strategy may not yield immediate results in terms of new customer acquisition but could enhance the bank?s market presence and reach in the medium-to-long term. However, that will come with high overhead costs, commented Kranthi Baithini, Director of Equity Strategy at WealthMills Securities. To address the RBI's concerns, Kotak Mahindra Bank is diligently working to upgrade its IT systems, focusing on fortifying digital payment security controls and complying with regulatory data cybersecurity standards. Diwanji mentioned that the bank has hired over 530 employees, predominantly from tech backgrounds, in the past 12-15 months to support these initiatives. Despite the current digital restrictions, the bank's commitment to personal and business loans remains steadfast, as it continues to enhance its service capabilities both digitally and through its expanding branch network.

Real Estate

26 Jun 2026

AGM Vijaylaxmi launches Sixty3 W.E. Bizpark

AGM Vijaylaxmi Group has launched Sixty3 W.E. Bizpark, a mixed-use commercial development in Goregaon East, Mumbai. The project includes contemporary office spaces and a high-street retail component designed to support businesses, retailers and professionals.Located along the Western Express Highway, Sixty3 W.E. Bizpark is planned as a G+25-storey commercial tower. It offers office spaces ranging from 545 sq ft to 3,200 sq ft, with a 3.60 metre floor-to-floor height aimed at improving spatial comfort, natural light and operational efficiency.The project features a high-street retail boulevard ..

Real Estate

26 Jun 2026

Manglam Group to Develop Sheraton Hotel in Jaipur

Manglam Group has signed an agreement with Marriott International to develop a Sheraton hotel on the Jaipur–Ajmer Highway in Jaipur. The project will feature 220 keys and is being developed with an investment of around Rs 3.5 billion across more than 300,000 sq ft.The hotel marks Manglam Group’s third collaboration with Marriott International and forms part of its Rs 10 billion hospitality investment roadmap. The agreement was signed by Amrita Gupta, Director, Manglam Group and CEO, Manglam Spa and Resorts, and Rajeev Menon, President, Asia Pacific excluding Greater China, Marriott Interna..

Infrastructure Urban

26 Jun 2026

India Warehousing Show 2026 opens at YashoBhoomi

India's warehousing, logistics, and supply chain ecosystem came together as the 15th edition of India Warehousing Show (IWS) 2026 opened at YashoBhoomi, India International Convention & Expo Centre (IICC), Dwarka, New Delhi on June 25 (Thursday). Organised by RX India, the three-day event will run from 25-27 June 2026, bringing together policymakers, industry leaders, technology providers, and supply chain professionals under one roof. It also features a two-day knowledge conference that will run alongside the exhibition. Inaugurated by Pankaj Kumar, Joint Secretary - Logistics, DPIIT..