Tag: Dipak Gupta

Kotak Mahindra Bank becomes 1st scheduled private sector bank to collect direct, indirect taxes, BFSI News, ET BFSI

Banking & Finance

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Kotak Mahindra Bank Ltd (KMBL) has received approval from the government for collection of direct and indirect taxes, such as income tax, Goods and Services Tax (GST) etc, through its banking network.

With this, the bank becomes the first scheduled private sector bank to receive approval after the announcement by Finance Minister Nirmala Sitharaman allowing all banks to participate in government-related business.

After technical integration, KMBL customers will be able to pay their direct and indirect taxes straight from KMBL’s mobile banking or net banking platforms as well as through KMBL’s branch banking network, resulting in immense ease and convenience for customers, the bank said in a statement.

Kotak Mahindra Bank’s Joint Managing Director, Dipak Gupta said: “We are delighted to receive the necessary approvals permitting Kotak to collect direct and indirect taxes on behalf of the government, making tax payments more simple, convenient and efficient for our customers. We look forward to a long-standing relationship with the government, providing a wide range of services, backed by our strong technology platform, digital capabilities and customer-first approach.”



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Kotak Mahindra Bank to by 10% stake in KFin Technologies for Rs 310 crore, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Kotak Mahindra Bank on Monday said it is buying about 9.9 per cent stake in KFin Technologies, a leading investor and issuer servicing platform. The lender will purchase the stake for Rs 310 crore.

KFin Tech provides a wide array of financial technology solutions across a broad spectrum of asset classes spanning mutual funds, alternatives, insurance, and pension. It has been growing its market share in the mutual fund servicing segment.

“As a platform of choice for asset managers, investors and corporates, we believe KFin is well-positioned to continue growing its market position. At Kotak Mahindra Bank, this investment is in line with our stated strategy of making minority investments in businesses which are professionally managed and have deep client entrenchment,” said Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank.

KFin’s proprietary applications, big data technologies and hybrid cloud environment enable servicing of over 13 crore folios and processing of over 10 lakh transactions on a daily basis.

“KFin Tech is uniquely positioned to leverage its decades of deep capital markets expertise to deliver a differentiated value proposition to the financial markets in India and abroad. Kotak Mahindra Bank’s investment is testimony to the same,” said MV Nair, Chairman, KFin Technologies.

“With Kotak Mahindra Bank’s support, along with the continued support of General Atlantic, an existing shareholder of KFin, we shall be able to achieve greater heights in our technology, business processes, leadership depth and governance.”



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