A cold war between the RBI and Kotak Mahindra Bank?
Finshots Daily
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Kotak Mahindra Bank's Decision to Reduce Promoter's Take
RBI told promoters to hold at least 49% of the banks paid up capital for a period of five years. Kotak Mahindra Bank didn't realise that it had to cut down the shareholding. The bank and the regulator exchanged more than 35 letters debating the reduction of promoter's take between 2008 and 2018. But in 2018, things finally reached a tipping point when the RBI wanted the promoter's take to be cut to 20%. And that was the final straw.
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