Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India, formally inaugurates Kotak Mahindra Bank's landmark 500th branch and 1,000th ATM
Launches 'Kotak Samridhi' - Financial Inclusion programme for milk producing farmers
Mumbai, October 9, 2013: Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India formally inaugurated Kotak Mahindra Bank's (KMB) 500th branch and 1,000th ATM today. Uday Kotak, Executive Vice Chairman & Managing Director, KMBL and senior officials of the Bank were present at the occasion. The 500th branch is located at Mumbai's Western suburb of Kandivali, and the 1,000th ATM is located at Jayanagar, Bengaluru.
On the occasion, Dr. K. C. Chakrabarty also launched the Bank's new financial inclusion initiative - 'Kotak Samridhi'. Under this programme, registered members of milk unions are being brought into the banking fold and they will receive payments against supply of milk in their Bank Accounts. The programme is being implemented in association with National Payment Corporation of India (NPCI) and AMUL.
In phase 1, the programme will be implemented in 75 Villages in Hooghly and Bardhaman districts of West Bengal covering over 10,000 milk producers. Thereafter, in Phase II, the programme will be implemented in Kaira district of Gujarat, covering about 3,00,000 milk producers across 1,200 villages.
At the inauguration, Uday Kotak, said, "It is indeed an honour to have our 500th branch and 1,000th ATM inaugurated by RBI Deputy Governor Dr. KC Chakrabarty. We have come a long way since Kotak Mahindra Finance Ltd. became the country's first NBFC to receive a banking license from Reserve Bank of India in 2003. In the last 10 years, we have constantly pursued opportunities to cater to diverse financial needs of individuals and corporates."
"We understand the ever evolving needs and aspirations of customers. We are channelising our experiences and capabilities to offer solutions, to gratify them. We also believe technology will play a larger role than ever before. The landmark 500th branch is one of the many steps towards accomplishing our goal. We plan to reach people across more cities in the country and provide them with highest quality financial services", Kotak added.
On the launch of Kotak Samridhi, Kotak said, "We are taking concerted efforts to bridge the barriers to formal banking system across the country through financial inclusion. Kotak Samridhi takes us a step closer towards inclusive banking as it introduces farmers of Village Dairy Societies in West Bengal and Gujarat to the formal banking channel. Farmers will receive their remuneration in their Bank/Card Accounts, and the automated payment disbursal process will limit risky cash handling. We stand committed to the national Financial Inclusion agenda, by providing suitable banking products and necessary solutions."
As part of its network expansion strategy, KMB plans to reach 600 branches by March 2014, ensuring its presence across key markets in the country.
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