KOTAK MAHINDRA BANK LTD. - Updates

Kotak Mahindra Bank Ltd has informed BSE that the Bank on November 25, 2014 received approval from Reserve Bank of India (RBI) to form a subsidiary to enter the General Insurance business.<br/><br/>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.