Kotak Bank opens 300th branch

Briefing reporters, he said “We hope to reach the 500th branch mark by December 2012,” adding the bank would have 325 branches by March-end this year. With this the total number of bank branches in the City rose to 14 and in the State to 15. Kotak Mahindra Bank Group Head (Consumer Banking) K V S Manian said by March-end, the bank plans to set up branches in Hubli, Mangalore and Belgaum.

On the forthcoming Union Budget, Kotak opined, “The key focus should be to control fiscal deficit. If India controls its three deficits (government, fiscal and current account), it will prosper,” he said, warning that in order to achieve this, taxation may be increased, leading to reduction in expenditure, which would lead to further fiscal pressure. Kotak also projected that by end of calender year 2011, interest rate would be up by 75 to 100 basis points.

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