IVBL with Kotak Mahindra Bank Ltd. The current year consolidated and standalone figures include operations of the erstwhile IVBL. Hence, the previous year figures are not comparable. BONUS ISSUE OF SHARES During the year, pursuant to approval of the shareholders of the Bank at the Annual General meeting held on 29th Juneyour Bank issued 91,28,41, Bonus shares in the ratio of 1: DIVIDEND Your Directors are pleased to recommend a dividend of Rs.

CAPITAL During the year, your Bank has allotted 99,91, equity shares adjusted for bonus arising out of the exercise of Employees Stock Options granted to the employees and whole—time directors of your Bank and its subsidiaries.

As per the ESOP Schemes of erstwhile ING Vysya Bank Ltd. Consequently, the number of stock options on which vesting was accelerated was 1,04,91, on a post swap basis, adjusted for bonus shares. Post allotment of equity shares as aforesaid and the bonus allotment, the issued, subscribed and paid—up share capital of your Bank stands at Rs.

During the year, your Bank has not issued any capital under Tier II. As on 31st Marchoutstanding Unsecured, Redeemable Non—Convertible, Subordinated Debt Bonds were Rs. Consequent to the issuance of notice of termination of the GDS program by the Bank to the Custodian and the Depository, the Depository Agreement entered into between the Bank and the Depository was terminated.

Subsequently, the GDS program has been terminated with effect from 4th September Your Bank consolidated its network presence through a measured expansion of its footprint across the country and as of 31st March had branches and ATMs, covering locations.

Of the 74 new branches commissioned this year, 32 were in rural and semi—urban locations. Your Bank added about Your Bank rolled out several initiatives aimed at offering a superior and differentiated customer experience. Some key ones are: Products and Services l Launched its first E—Lobby at Andheri Metro Station, Mumbai. The e—lobby offers a host of self service capabilities such as ATM, Banking Kiosk, Tablets, Surface Table, etc.

The customer gets the benefit of a NMC waived savings account when they choose an RD or MF SIP or NPS along—with a term insurance premium of Rs. Business Lines a Non Resident Indian Business Some of the key initiatives taken this year are: A Corporate Credit card with exclusive benefits for Privy League Business banking customers was introduced to increase the segmental focus in the program.

Credit card business has issued 6. The credit card business has clocked total spends of Rs. Salaried personal loan business offers salaried individuals personal loans with a tenure of upto 60 months.

The total customer base stands at 47, customers. Your Bank has expanded its home finance business further in Tier II cities. This year also witnessed very low losses on account of effective recovery and collection processes and policies adopted.

It continues to maintain its best in class portfolio quality through it effective and efficient risk management and recovery policies and practices. Capitalizing on the growing retail branch network, your Bank managed to expand its BBA product offering in over branches. Your Bank is a trusted banking franchise consistently delivering right and customised solutions to high quality customers through a passionate and entrepreneurial team.

Focussed approach on client selection and constant portfolio monitoring has ensured a healthy portfolio through both volatile economic situation and tough credit environment in the last financial year. Consequent to the merger of ING Vysya Bank Limited with your Bank, we now have a strong presence in the multinational segment i. The merger has opened up new opportunities to cater to needs of customer segments such as Insurance, Corresponding Banking and Multinational Companies.

Your Bank recognises the dynamic landscape in Transaction Banking and the evolving Banking space and has suitably invested in fintech initiatives. Your Bank has been in the limelight for its people, products and services. It has been adjudged Best Cash Management Bank across business categories — Small, Medium and Large Corporates. The Global Custodian magazine has conferred a dual recognition for the Custody Business in the India Domestic Survey and later in the Survey of Agent Banks in Emerging Markets.

Your Bank has introduced the following key initiatives to serve customers better: To ensure a faster customer response, a Service Solutions vertical was set up during the year.

This vertical is the single point of contact for all service related and documentation issues for wholesale customers with personnel present across all key major 9 locations across the country. Given the growing online frauds, the security of the net banking platform has been further strengthened by offering secured token for logging in.

Customers can use the dynamic number on the token along with the password to access the account online and transact thereafter. The product is capable of validating the collection data pre—fed by customer to ensure only valid requests are processed. The transaction processing is supported by comprehensive MIS for ease of reconciliation and instant status of collection.

In order to gain increased efficiencies, your Bank has started Operation SAHAJ. One of our client facing endeavours has been able to open any account in one day post receiving the complete documentation. As of today, courtesy Operation SAHAJ, accounts are being opened within the target of one day.

Further, various products are implementing monitoring and control systems to measure and improve service parameters. Tie up with multiple offshore banks for facilitating client transactions like offshore guarantees, ECA financing, ECB funding, offshore subsidiary funding etc. Your Bank is preferred trade partner for top banks for Europe and US region for their India centric business. Commercial Banking The Commercial Banking business has registered a reasonable growth in FY —16 despite subdued market sentiments and erratic monsoon.

Commercial Vehicles CV and Construction Equipment CE sectors, which have been witnessing slowdown sinceshowed strong signs of recovery. Your Bank has increased exposure significantly to this sector in FY — Light Commercial Vehicle LCV segment has also grown over the previous year. Further, decrease in energy prices and all round improvement of load factors have improved viability for transport operations and also reduced levels of delinquency.

Small Commercial Vehicles SCV segment is also showing signs of recovery with marginal growth in the last quarter. Despite a second back to back dry spell last year, the agri business including the tractor finance business managed to grow last year with the loans outstanding of Rs. Close to 56, women borrowers were added with loan sizes of around Rs. Your Bank has maintained its market share in the tractor finance business.

While the delinquencies in this segment have increased, it is under control. These loans qualified for small and marginal farmer categorisations and direct individual farmer funding. Other Agri loans included loans for food and Agro processing units. The agri division including tractor finance continued to manage its delinquency though incremental stress was observed across locations due to monsoon shortfall. There has been an increase in delinquencies in this segment, mainly on account of volatile commodity prices and uncertainty in the economy.

Asset Reconstruction It was challenging to sell large assets under possession as the market was sluggish for real estate sales. The legal judicial system continues to languish in terms of passing timely orders which cause significant delay in timely and effective recoveries.

The division continued to focus on last mile financing to companies which are on the turnaround path with clear focus on cash flow based recoveries. The recoveries from NPA purchase of retail portfolio continues to be robust.

Your Bank believes that banks and NBFCs in the next few years will continue to sell their retail NPA portfolios, which will help the division to acquire more portfolios. The various proprietary trading desks actively trade in products such as Fixed Income, Money Markets, Derivatives, Foreign Exchange and Bullion. Primary Dealer Desk — part of the proprietary trading desk, actively participates in the primary auctions of government securities, makes market in government securities and engages in retailing of government securities.

The Correspondent Banking Division within treasury actively builds on relationships with offshore banks towards improving quality and international reach for its customers.

Human Resources The year —16 has been a year of continued focus on employee well—being and investment in human capital stayed significant.

To ensure a seamless cultural integration, various initiatives were launched to internalize behavioral parameters and the values across the organization.

Further thrust was laid on employee engagement through its linkage to behavioral parameters. Your Bank has taken strides in the past year and continues to grow with a talent base of over 31, employees. A proactive approach to adopting the best of human resource practices, efficient systems, processes and continuous investments in technology has helped manage the scale and complexity of a large and distributed workforce. With an average age of 33 years your Bank continues to attract talent across all its businesses and hierarchy.

Pre—trained manpower acquisition channels such as Kotak Sales Officer KSO and Junior Sales Officer JSO programs have been further strengthened to create a sustainable workforce pipeline. To enhance ability to deliver on strategic work—force planning and hiring goals, a dedicated team was institutionalized to focus on end to end talent acquisition process — maximizing channel efficiencies, optimizing costs, simplifying and standardizing hiring process and creating a seamless hiring experience to potential employees.

Your Bank continues to strive to provide opportunities for a diverse and competent workforce. Your Bank is committed to developing its capabilities as an organization and as individuals to meet current and future business challenges. In the year —16, we have invested significantly in training and professional development — leveraging the latest technologies to deliver highly impactful and relevant training programs to our employees.

Make that money macklemore album learning initiatives are designed around development of individual and team competencies in partnership with top academic institutions and renowned industry professionals.

Leadership Development Programs focused on developing the leadership capabilities of our senior executives, to help them prepare for future roles in the organization. Your Bank continues its focus biodiversity 2020 strategy englands wildlife engagement and retention through initiatives that provides a holistic environment where employees get opportunities to realize their potential.

Talent management as an integral part of overall performance management process in the Bank aims to provide long term, sustained and meaningful careers to employees across the organization. We are entering a new barclays stockbroker app where digital is default and this technological change is shaping the sociological change impacting every facet of life and work.

Anticipating digital being a significant transformation opportunity, we are on the journey to leverage digital technology to enable greater engagement, interaction and flexibility. Guided by our value system that motivates our attitudes and action, your Bank is focused on forward looking policies, lean processes and nurturing talent. Technology With the announcement of the merger with ING Vysya Bank, your Bank took up the initiative of merging the technology systems and data of the two banks.

As the technology integration progressed across business verticals, your Bank identified synergies in systems and capabilities to optimize costs across the technology operations of the two banks.

The merged systems will provide a standard customer experience across forex management in india ppt channels to all customers of the merged entities. Customer data security and risk management need to keep pace with digital offerings.

With this in mind, the Distributed Denial of Service was augmented with an in—premise solution. A fraud management solution to track customer transactions across channels was implemented. On the regulatory side, a new Enterprise Risk System was implemented for the Value at Risk calculation of the treasury kotak mahindra book on stock market. Digitization Focus on creating more and more digitally enabled services across channels remained a key priority for your Bank in this year.

Some of the highlights being: This is an end—to—end digitized workflow, from lead capture to account set up, thereby reducing the processing time and enhancing customer experience. This app does not need internet to transact. Customer can do 25 different transactions including mobile recharge and small value fund transfer.

The app is available in 6 languages Hindi, Gujarati, Marathi, Tamil, Kannada and English. Response messages within the app will also be in regional language. This includes travel categories like flight tickets, bus tickets and hotel booking.

Investment in Airtel M Commerce Services Ltd. Airtel M Commerce Services Ltd. BALhad been granted in—principle approval for setting up a Payments Bank by the Reserve Bank of India RBI in August Basic but critical services such as small savings account, remittances etc.

Your Bank in February has signed a Share Subscription and Shareholders Agreement with AMSL and BAL for acquisition of Subsequently, ford performance parts catalog Bank has invested in AMSL. AMSL has received final license from RBI in April As at 31st Marchyour Bank has eighteen 18 subsidiaries as listed below: Kotak Mahindra Financial Services Limited Kotak Mahindra Asset Management Prolific health options and trading inc careers Pte.

Limited Kotak Mahindra General Insurance Company Limited, which was incorporated in December with principal objective of carrying on business of general insurance, received approval from Insurance Regulatory and Development Authority of India IRDAI to commence the business of general insurance in November and subsequently commenced its operations in December The various activities of the subsidiaries and the performance and financial position of the subsidiaries and associates are outlined in the Management Discussion and Analysis section appended to this Report.

For members who have not registered their email IDs, physical copies of the Annual Report are sent. Your Bank will make available full Annual Report including the Annual Reports of all subsidiaries either a hard or soft copy depending upon request by any member of your Bank. Kotak Mahindra Share Based Employee Benefit Scheme comprising of: IVBL Employees Stock Option Scheme The stock options granted to the employees currently operate under the following Schemes: The Report of Corporate Governance also contains certain disclosures required under the Companies Act, The Bank does not intend to fill this vacancy at this Annual General Meeting.

Changes in Directors Mr. Jayaram DINretired as Joint Managing Director of the Bank on 30th Aprilon attaining the age of superannuation. Jayaram continues as a Non—Executive Non—Independent Director of the Bank with effect from 1st May up to the date of this Annual General Meeting. Approval of shareholders is being sought at this Annual General Meeting for his appointment as a Non—executive Non—Independent Director of the Bank who would be liable to retire by rotation.

Asim Ghosh DINretired as a Director of the Bank with effect from 9th May due to completion of his eight years tenure pursuant to the provisions of Section 10A 2A i of the Banking Regulation Act, Your Directors place on record their appreciation for the valuable advice and guidance rendered by Mr. Asim Ghosh during their tenure as Directors of the Bank. The details of the Directors appointed are set out in the Corporate Governance Report annexed to this Report.

Declaration from Independent Directors The Board has received declarations from the Independent Directors as per the requirement of Section 7 of the Companies Act, and the Board is satisfied that the Independent Directors meet the criteria of independence as mentioned in Section 6 of the Companies Act, A Board effectiveness assessment questionnaire was designed for the performance evaluation of the Board, its Committees, Chairman and individual directors in accordance with the criteria set and covering various aspects of performance including composition, relationship among directors, director competency, contribution to risk management compliance, roles and responsibility, board procedures, processes, functioning and effectiveness.

The said questionnaire was circulated to all the directors of the Bank for the annual performance evaluation. Based on the assessment of the responses received to the questionnaire from the directors on the annual evaluation of the Board, its Committees, Chairman and the individual Directors, the Board Evaluation Report was placed before the meeting of the Independent Directors for consideration.

Similarly, the Board at its meeting assessed the performance of the Independent Directors.

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Key Managerial Personnel KMPs Mr. Based on the criteria set it recommends to the Board the appointment of Directors and Senior Management personnel. The salient features of the Compensation Policy are as follows: Employees classified into 3 groups: Salary, Retirals and Other Benefits o Variable Pay — Linked to assessment of performance and potential based on Balanced Key Result Areas KRAsStandards of Performance and achievement of targets with overall linkage to Bank budgets and business objectives.

The details of the remuneration paid to the Non—Executive Chairman, Executive and Non—Executive Directors of the Bank for the year ended 31st March is provided in the Corporate Governance Report annexed to this Report. The Non—Executive Chairman of the Bank receives a fixed amount of remuneration as recommended by the Board and approved by the shareholders of the Bank and RBI, from time to time.

He also receives remuneration by way of sitting fees for attending meetings of the Board or Committees thereof. RBI vide its circular no.

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Accordingly, in line with the RBI circular and pursuant to the relevant provisions of the Companies Act,and the recommendation of the Nomination and Remuneration Committee of the Bank, the Board of Directors have adopted a compensation policy for the NEDs excluding the parttime Non—Executive Chairman. Approval of shareholders for the payment of commission to the NEDs of the Bank is being sought at the ensuing Annual General Meeting of the Bank. Remuneration paid to the KMPs is in line with the Compensation Policy of the Bank which is based on the RBI Guidelines.

Jhaveri, a Company Secretary in Practice, as its Secretarial Auditor. The Secretarial Audit Report for the financial year ended 31st March is annexed to this Report.

AUDITORS In terms of Section of the Companies Act,Messrs S. LLP, Chartered Accountants, were appointed as statutory auditors of your Bank for a period of four years from the conclusion of the Thirtieth Annual General Meeting until the conclusion of the Thirty fourth Annual General Meeting of the Bank, subject to the annual approval of RBI and ratification by the members every year. Accordingly, requisite resolution forms part of the Notice convening the Annual General Meeting. INTERNAL FINANCIAL CONTROLS The Board of Directors confirms that your Bank has laid down set of standards, processes and structure which enables to implement Internal Financial controls across the organization with reference to Financial Statements and that such controls are adequate and are operating effectively.

During the year under review, no material or serious observation has been observed for inefficiency or inadequacy of such controls. Pursuant to Section 3 h read with Rule 8 2 of the Companies Accounts Rules,there are no transactions to be reported under Section 1 of the Companies Act,in form AOC—2.

All Related Party Transactions as required under Accounting Standards AS—18 are reported in Note 24 of Schedule 17 — Notes to Accounts of the Consolidated financial statements and Note 7 of Schedule 18 C — Notes to Accounts of the Standalone financial statements of your Bank. Consistent with the Vision Statement, your Bank is committed to maintain and provide to all its employees and directors highest standards of transparency, probity and accountability.

A vigil mechanism has been implemented through the adoption of Whistleblower Policy with an objective to enable any employee or director, raise genuine concern or report evidence of activity by the Bank or its employee or director that may constitute: The same option has now been extended to the vendors of the Bank also.

The concerns can be reported on the website viz. Currently an online mechanism enabling aforementioned reporting has been implemented over and above other modes of communication like e—mail, or a letter sent by mail, courier or fax to designated persons. Safeguards to avoid discrimination, retaliation, or harassment, and confidentiality have been incorporated in the policy.

All employees and directors have access to the Chairman of the Audit Committee in appropriate and exception circumstances. Your Bank has a Board approved CSR policy, charting out its CSR approach.

Promoting education — primary focus area b. Enhancing vocational skills and livelihood c. Promoting preventive healthcare and sanitation d. Reducing inequalities faced by socially and economically backward groups e.

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Relief and rehabilitation g. The CSR expenditure incurred for the period 1st April to 31st March under Section of Companies Act, amounts to Rs.

CSR expenditure of Rs. Your Bank is building its CSR capabilities on a sustainable basis and is committed to gradually increase its CSR spend in the coming years. The CSR Committee of the Board confirms that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the company.

The details of CSR activities and spends under Section of the Companies Act, for FY —16, are annexed to this Report. Details of identification, assessment, mitigations, monitoring and the management of these Risks are mentioned in the Management Discussion and Analysis section appended to this Report.

EMPLOYEES The employee strength of your Bank, standalone, was over 31, and along with its subsidiaries was over 46, as of 31st March In a very short span, your Bank has crossed several milestones in its Gender Diversity agenda. While continuing with our philosophy of providing equal opportunities, an aggressive push in this area will help us achieve a better balance in gender diversity.

Your Bank continues with the belief on zero tolerance towards sexual harassment at workplace and continues to uphold and maintain itself as a safe and non—discriminatory organization.

To achieve the same Kotak reinforces the understanding and awareness of Prevention of Sexual Harassment of Women at Workplace Prevention, Prohibition and Redressal Act, Your Bank has formulated Internal Complaints Committee ICC at three regions for reporting any untoward instance.

Any complaints pertaining to sexual harassment are diligently reviewed and investigated and treated with great sensitivity.

The ICC members have been trained in handling and resolving complaints and have also designed an online e—learning POSH Awareness module which covers the larger employee base.

Following is a summary of sexual harassment complaints received and disposed of during the year — With our objective to identify, build and nurture leaders across levels to deliver superior business results and address individual career aspirations, this year your Bank introduced a new contemporary approach to assess and diagnose leadership competency gaps followed by a development plan. The annexure is available for inspection at the Registered Office of your Bank. Any shareholder interested in obtaining a copy of the said annexure may write to the Company Secretary at the Registered Office of your Bank.

Your Directors acknowledge the support of the members and also wish to place on record their appreciation of employees for their commendable efforts, teamwork and professionalism. For and on behalf of the Board of Directors Dr.

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Shankar Acharya Chairman Uday Kotak Executive Vice Chairman and Managing Director Place: Updates By BSE on 19 Jun Updates By BSE on 14 Jun Allotment of ESOP By NSE on 14 Jun Auditor's report By NSE on 14 Jun BSE To Add Kotak Mahindra, Tata Motors DVR To Benchmark Index. ICICI Bank Regains Second Most Valued Private Lender Status. Ambanis, Birlas, Mittals Join Race for Payment Bank Licences. Uday Kotak Managing Director. Plot NoNear Image Hospital, Reliance Cybervilae,Vithalrao Nagar, Madhapur.

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Directors Report Kotak Mahindra Bank Ltd. Add to Portfolio Add to Watchlist Add to Alert Add to Message Add to Portfolio. Kotak Mahindra Bank's Price Swing Today NSE BSE Recovery from Intraday Low Fall from Intrday High. Kotak Mahindra Bank's News and Announcements All News Announcements Updates By BSE on 19 Jun BSE To Add Kotak Mahindra, Tata Motors DVR To Benchmark Index By NDTV on 20 May Report By NDTV on 28 Sep ICICI Bank Regains Second Most Valued Private Lender Status By NDTV on 09 May Ambanis, Birlas, Mittals Join Race for Payment Bank Licences By NDTV on 02 Feb Kotak Mahindra Bank 's Recent video coverage.

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