Recently the apex bank has approved the kotak Mahindra bank to enter in to general insurance business. The Bank has acquired the ING vysya bank and now the bank has announced its plan to enter the insurance business.
Kotak Mahindra is one among the high network popular banks of the country. The bank had earlier received an in-principle approval from Insurance Regulatory and Development Authority (IRDA) for incorporation of the General Insurance firm. Already the bank is working for TATA AIG general insurance and selling the insurance products of the company.
Kotak also has a Life insurance unit called Kotak Mahindra Old Mutual Life Insurance Ltd, a joint venture between Kotak Mahindra Bank and South Africa-based Old Mutual Public Ltd.