No Fake Accounts in Any Kotak Mahindra Bank Branches. Bank Strictly Adheres to KYC Norms

Mumbai, December 23, 2016: “Income Tax Department had visited one of the bank’s branches in New Delhi, in connection with survey on two account holders. No KYC deficiencies were noted in these two account holders. The Bank opens new accounts for customers after strictly adhering to the KYC norms as prescribed by RBI. The Income Tax department did question the Branch Manager and no adverse report has been submitted to the Bank so far. The Bank confirms that it has a robust system of regularly and proactively filing necessary reports with the statutory authorities as prescribed by them, which include these accounts. The Bank denies that there were any fake accounts. The Bank is extending full cooperation to the investigating authorities.” Rohit Rao, Spokesperson, Kotak Mahindra Bank