Private sector lender Kotak Mahindra Bank is planning to set up its first branch in Singapore. The lender has filed an application with regulator, Reserve Bank of India for license.
"We have applied for an international branch to the RBI (Reserve Bank of India). We would like to set up our first branch in Singapore," C. Jayaram, executive director of Kotak Mahindra Bank said.
Once the approval from RBI is obtained, the bank will be applying for an approval from the Monetary Authority of Singapore.
Apart from expanding overseas, the bank also plans to widen its reach in the domestic forefront.
"We have a branch expansion plan, for which I think we are in the last stage of getting permission from the Reserve Bank of India," said Jayaram.
The bank presently has 321 branches in India as on March 31, 2011 which it aims to take to more than 500 by the year 2013.