Kotak Bank is one of the recently established banks in India. It shot into prominence due to the 6% rate of interest on the savings account. It was established in 1985 by Uday Kotak and in February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received a banking license from the Reserve Bank of India (RBI). With this, Kotak Mahindra Finance Limited became the first non-banking finance company in India to be converted into a bank.
In a study by Brand Finance Banking 500, published in February 2014 by the Banker magazine, Kotak Bank was ranked 245th among the world’s top 500 banks with brand valuation of around half a billion dollars and brand rating of AA+. In 2014, Kotak acquired ING Vysya Bank in a deal worth 15,000 crore rupees.