When contacted, a Kotak Mahindra Bank spokesperson told this publication that the issue has been resolved and that it was not widespread.
The second largest private sector lender said the interest rate offering, which is valid till March 31, is the lowest in a decade.
Kotak said in a release that the MoU enables Kotak to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel - both active and retired.
Kotak said that the divestment was done to comply with prudential limit stipulated by the Reserve Bank of India on investment in a non-financial services entity.
For the existing customers, the interest rates will get repriced 0.05 per cent automatically on the existing interest rates.
Prime Minister Narendra Modi too took his first shot of vaccine, Bharat Biotech's Covaxin, on Monday.
Kotak was speaking with TNIE Editorial Director Prabhu Chawla during e-expressions, a TNIE series of live web casts with people who matter.
In a call with the media after the results, the Kotak management said the provisions would take care of the risks that the bank anticipates right now.
The court took into cognisance a complaint filed by Bharat Kumar of Universal Packers and Movers alleging that Magma Fincorp and Kotak bank have cheated him.
Provisions and contingencies fell 9.6 percent to Rs 368.59 crore compared to year-ago period, while the sequential fall was 61.7 percent.
Buying cos an objective of recent capital-raising move: Kotak Mahindra Bank amid IndusInd Bank merger buzz
There were reports of KMB exploring an all-stock merger with IndusInd Bank late Sunday evening.
Kotak Mahindra Bank has replaced the largest state owned bank State Bank of India in the list of the country’s 10 most valued companies in the aftermath of a series of banking frauds and NPAs.
Nandukumar, posted as assistant manager at a branch in Kochi, allegedly justified the killing of the eight-year-old rape victim, saying she would have grown up to be a terrorist.