A cold war between the RBI and Kotak Mahindra Bank?
Finshots Daily
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Kotak Mahindra Bank's Rebuttal to the RBI's Protests
Kotak Mahindra Bank owes its name to Anand Mahindra too. The current chairperson of the Mahindra and Mahindra conglomerate actually lent his family name to Uday Kotak right when things were getting off the ground. He was a promoter in the bank as well. But when the RBI asked the bank to reduce its promoter holding to 49%, Kotak MahindRA Bank simply declassified AnandMahindra and his family as a promoter in 2009. They claimed that Mahindra had diluted his take significantly and that he shouldn't be a promoter anymore.
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