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In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India (RBI). Kotak Mahindra Finance Ltd. is the first company in the Indian banking history to convert to a bank.
Recently, Kotak Mahindra Bank Ltd and HDFC Bank have signed a Memorandum of Understanding to share their ATM network. This agreement will give customers of the two banks access to over 1400 ATMs across the country. While HDFC Bank has 1335 ATMs across 228 locations in the country, Kotak Mahindra Bank has 75 ATMs at 41 locations, accessible 24 hours a day, 365 days a year. Kotak Mahindra Bank is offering access to HDFC Bank ATM network free of cost to most of its customers. The charges for HDFC Bank customer for using Kotak Mahindra's ATMs are Rs. 18 for Cash withdrawals and Rs. 7 for Query-based transactions such as balance enquiry.
URL: www.kotak.com
