The bank said the foundation will be a wholly-owned subsidiary and will establish a Centre of Excellence for its CSR initiatives.
MUMBAI (India CSR): Kotak Mahindra Bank, one of the leading private sector lenders in India, has announced that it has initiated the incorporation of Kotak Karma Foundation, a company to be registered under Section 8 of the Companies Act, 2013.
Kotak Karma Foundation to focus on social impact
The bank said in a regulatory filing that the foundation will be a wholly-owned subsidiary of the bank and will establish a Centre of Excellence (CoE) of the Bank for the furtherance of part of its Corporate Social Responsibility (CSR) initiatives.
The CoE will aim to create social impact in areas such as education, health, environment, livelihood, and financial inclusion, among others.
Kotak Mahindra Bank to complete incorporation by Q2 FY24
The bank said that the process of incorporation of Kotak Karma Foundation is expected to be completed before the end of the second quarter of 2023-24.
The bank has, on June 14, 2023, subscribed to the Memorandum and Articles of Association of Kotak Karma Foundation.
Kotak Mahindra Bank is one of the largest and most profitable banks in India, with a consolidated net worth of Rs 78,859 crore as on March 31, 2023. The bank has a network of 1,603 branches and 2,589 ATMs across the country.
