India's Kotak Mahindra Bank is eying offline expansion months after the Reserve Bank of India barred the private lender from digital customer sourcing. The Bank is looking to add about 175 to 200 branches in the Financial year 2024-25.

In April, the RBI stopped Kotak from adding new customers via its digital channels. This decision aimed to scrutinise Kotak for the deficiencies in the Bank's tech system in 2022 &amp; 2023.&nbsp;

Kotak's expansion also aims to address growing customer concerns over money safety in their respective accounts and credit card functionalities.&nbsp;

Virat Diwanji, group president and head of consumer bank, told Reuters, 'We have been adding roughly 150 odd branches for several years. This year, too, the momentum is going to continue.' The official added that the country's fourth-largest private lender will target pockets where there is easy availability of deposits and added that customer acquisition through branches is seeing good traction.

On RBI's order, Diwanji said that the Bank is working 'steadfastly' to fulfil RBI's requirement and return to business 'as usual.' The Bank has reportedly stepped up investments to strengthen its Tech systems, including steps to improve its digital payment security controls. Kotak has hired over 530 employees in the last 12-15 months, most of whom are from tech backgrounds, he added.

Before the RBI order, Kotak relied heavily on digital channels to source new clients. About 95 per cent of its new personal loans were disbursed digitally in the October-December quarter. Over 99 per cent of new credit cards were also issued digitally.&nbsp;

Kranthi Baithini, director of equity strategy at WealthMills Securities, told Reuters, 'Kotak's branch addition plans may not immediately help source new customers, but the strategy may play out in the medium-to-longer as it will increase its presence and reach.' He added that it will come with high overhead costs.

India's Kotak Mahindra Bank is eying offline expansion months after the Reserve Bank of India barred the private lender from digital customer sourcing. The Bank is looking to add about 175 to 200 branches in the Financial year 2024-25.

India's Kotak Mahindra Bank is eying offline expansion months after the Reserve Bank of India barred the private lender from digital customer sourcing. The Bank is looking to add about 175 to 200 branches in the Financial year 2024-25. In April, the RBI stopped Kotak from adding new customers via its digital channels. This decision aimed to scrutinise Kotak for the deficiencies in the Bank's tech system in 2022 & 2023. Kotak's expansion also aims to address growing customer concerns over money safety in their respective accounts and credit card functionalities. Virat Diwanji, group president and head of consumer bank, told Reuters, 'We have been adding roughly 150 odd branches for several years. This year, too, the momentum is going to continue.' The official added that the country's fourth-largest private lender will target pockets where there is easy availability of deposits and added that customer acquisition through branches is seeing good traction. On RBI's order, Diwanji said that the Bank is working 'steadfastly' to fulfil RBI's requirement and return to business 'as usual.' The Bank has reportedly stepped up investments to strengthen its Tech systems, including steps to improve its digital payment security controls. Kotak has hired over 530 employees in the last 12-15 months, most of whom are from tech backgrounds, he added. Before the RBI order, Kotak relied heavily on digital channels to source new clients. About 95 per cent of its new personal loans were disbursed digitally in the October-December quarter. Over 99 per cent of new credit cards were also issued digitally. Kranthi Baithini, director of equity strategy at WealthMills Securities, told Reuters, 'Kotak's branch addition plans may not immediately help source new customers, but the strategy may play out in the medium-to-longer as it will increase its presence and reach.' He added that it will come with high overhead costs.

Kotak goes 'offline:' India's Kotak Mahindra Bank eyes 200 additional branches by 2025

The Reserve Bank of India (RBI) ordered Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards as well. The bank can, however, provide services to its existing customers, including its credit card customers.&nbsp;

As a result, Kotak Mahindra Bank's share price decreased 10.85% and closed at ₹1,643 on the BSE on Thursday (April 25).&nbsp;

"The Reserve Bank of India has today, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited (hereinafter referred to as 'the bank') to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card customers," the RBI statement read.

According to the RBI, serious deficiencies and non compliances were found in the bank's IT inventory management, patch and change management, user access management, vendor risk management, data security, and leak prevention strategy, business continuity, and disaster recovery rigor and drill.&nbsp;

The RBI stated that Kotak Mahindra Bank's Core Banking System (CBS), as well as its online and digital banking channels, have experienced several outages in the last two years.

Also read:&nbsp;<a href="http://wionews.com/business-economy/rbi-foresees-8-pc-growth-amid-global-slowdown-signals-shifts-in-consumer-demand-702115" hreflang="en">RBI foresees 8 pc growth amid global slowdown, signals shifts in consumer demand</a>

"In the past two years, the Reserve Bank has been in continuous high-level engagement with the bank on all these concerns with a view to strengthening its IT resilience, but the outcomes have been far from satisfactory. It is also observed that, of late, there has been rapid growth in the volume of the bank’s digital transactions, including transactions pertaining to credit cards, which is building further load on the IT systems," RBI said.

"The Reserve Bank, therefore, has decided to place certain business restrictions on the bank in the interest of customers and to prevent any possible prolonged outage which may seriously impact not only the bank's ability to render efficient customer service but also the financial ecosystem of digital banking and payment systems," RBI said in its statement.

Once Kotak Mahindra Banks completes an external audit with the RBI's prior consent and fixes any shortcomings found in the audit "to the satisfaction of the Reserve Bank," the restrictions will be reconsidered. 
 
(With inputs from agencies)

The Reserve Bank of India (RBI) ordered Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards as well.

The Reserve Bank of India (RBI) ordered Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards as well. The bank can, however, provide services to its existing customers, including its credit card customers. As a result, Kotak Mahindra Bank's share price decreased 10.85% and closed at ₹1,643 on the BSE on Thursday (April 25). "The Reserve Bank of India has today, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited (hereinafter referred to as 'the bank') to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card customers," the RBI statement read. According to the RBI, serious deficiencies and non compliances were found in the bank's IT inventory management, patch and change management, user access management, vendor risk management, data security, and leak prevention strategy, business continuity, and disaster recovery rigor and drill. The RBI stated that Kotak Mahindra Bank's Core Banking System (CBS), as well as its online and digital banking channels, have experienced several outages in the last two years. Also read: RBI foresees 8 pc growth amid global slowdown, signals shifts in consumer demand "In the past two years, the Reserve Bank has been in continuous high-level engagement with the bank on all these concerns with a view to strengthening its IT resilience, but the outcomes have been far from satisfactory. It is also observed that, of late, there has been rapid growth in the volume of the bank’s digital transactions, including transactions pertaining to credit cards, which is building further load on the IT systems," RBI said. "The Reserve Bank, therefore, has decided to place certain business restrictions on the bank in the interest of customers and to prevent any possible prolonged outage which may seriously impact not only the bank's ability to render efficient customer service but also the financial ecosystem of digital banking and payment systems," RBI said in its statement. Once Kotak Mahindra Banks completes an external audit with the RBI's prior consent and fixes any shortcomings found in the audit "to the satisfaction of the Reserve Bank," the restrictions will be reconsidered. (With inputs from agencies)

RBI bars Kotak Mahindra Bank from issuing credit cards; Bank's share price falls more than 11%

Kotak Mahindra Bank unbelievably announced on September 1 that its founder and CEO – Uday Kotak, the visionary who built one of India’s leading banks from scratch, is stepping down from his position as CEO and appointing a new leadership, months before his contract was set to legally expire.&nbsp;

As this transition begins, we take a look back at Kotak’s journey to fame and the path taken by the bank that bears his name.&nbsp;

Uday Kotak’s early life&nbsp;

Born in Mumbai on March 15, 1959, Uday Kotak hails from an upper-middle-class Gujarati Lohana joint family that engaged in cotton trading. After Partition, his father left Karachi and came back to India. He grew up in Babulnath in a large joint family in a home with 60 people living under one roof.&nbsp;

Uday was always passionate about cricket and wanted to build a career as a cricketer. He was a talented player who captained his college team while pursuing his MBA at Jamnalal Bajaj Institute. He was struck in the head by a ball during a Kanga League game; it took him several months to recover and he missed a year of college.&nbsp;

The launch of Kotak Mahindra Finance&nbsp;

After abandoning his dreams to become a cricketer and completing his MBA, Uday chose to launch his own little financial agency at the Navsari building premises using a 300-square-foot office space that his father had provided him.&nbsp;

Uday obtained a small loan from his family and friends to launch his finance and bill discounting firm. His closest friend, Anand Mahindra, is responsible for the majority of the investment. It was because of his assistance that the financial institution was given the name ‘Kotak Mahindra.’ &nbsp;

Uday offered low-interest financial help to commercial organisations like Tata subsidiary Nelco. Compared to other banks and financial institutions, he charged business organisations reduced interest rates. Finally, under the name Kotak Mahindra Finance, he founded the Kotak Mahindra group in 1985.&nbsp;

The path towards banking &nbsp;

The business had diversified into investment banking, bill discounting, stockbroking, life insurance, auto financing, and mutual funds by 1995 after expanding into distribution and brokerage. Then, in an important milestone, Uday obtained a banking licence from the central bank in 2003.&nbsp;

Under Uday’s direction, Kotak Mahindra Bank witnessed a remarkable change in the years that followed, growing from a young organisation into India’s third-largest private sector bank. Along with the bank, Uday’s group also established an asset management firm and an alternative asset business worth $18 billion.&nbsp;

Kotak’s mantra to success&nbsp;

The three core principles and values&nbsp;

When speaking to the Financial Express, Uday highlighted two critical qualities that have propelled his career: common sense and middle-class values. He believes these values are fundamental for all individuals.&nbsp;

In shaping the banks of the future, Uday emphasised three core principles. First, he stressed the importance of prudence, cautioning against excessive leverage in banking, drawing from lessons learned during the global financial crisis. Second, he advocated for simplicity, advising banks to avoid complex financial products that can lead to confusion and risk. Lastly, Kotak underscored the need for humility among bankers, recognising their role as custodians of public funds.&nbsp;

In the evolving Indian business landscape, Uday observed a shift towards “survival of the fittest,” with policies favouring financial prudence over bailouts for struggling businesses.&nbsp;

The five Cs&nbsp;

Apart from the three principles, Uday shared his success mantras with IIM Bangalore students during the institute’s 42nd annual convocation. Kotak’s advice revolved around five key principles: character, conviction, commitment, creativity, and capability.&nbsp;

Character was the cornerstone, with Kotak emphasising the importance of aligning decisions with personal values, even when tempted by shortcuts. &nbsp;

Conviction was about courageously pursuing beliefs, distinguished from foolhardiness through self-reflection. &nbsp;

Commitment was linked to passion and enjoyment in work, fostering genuine dedication and progress.&nbsp;

Kotak championed creativity, urging students to think beyond convention and embrace failure as a learning opportunity. &nbsp;

Lastly, he highlighted that capability isn’t enough; execution is key. He encouraged students to stretch their limits while maintaining their values.&nbsp;

Kotak concluded by advising graduates to be bold, creative, and resilient, defending their values as they enter the professional world, remains full of opportunities and challenges.&nbsp;

Kotak after Kotak &nbsp;

Kotak chose to share the news of his resignation on the microblogging platform 'X' (formerly Twitter), where he reflected on his remarkable journey with the institution.&nbsp;

Kotak Mahindra Bank, which began with just three employees in Fort, Mumbai, has now evolved into a financial powerhouse with a substantial presence across India and in five other countries, boasting a workforce of over 100,000 employees. Kotak described this transformation in his heartfelt note, stating, “It has been 38 long years since this institution was created.”&nbsp;

What makes this development particularly noteworthy is that Kotak’s departure comes ahead of schedule. He mentioned that both the joint Managing Director and Chairman of the bank are also expected to step down by December. The transition awaits approval from the Reserve Bank of India (RBI).&nbsp;

As Kotak steps down, the responsibility temporarily falls on his colleague, Dipak Gupta, who currently serves as the Joint MD. In his post, Kotak noted, “In the interim, my dear colleague Dipak Gupta... will function as MD &amp; CEO, subject to approvals.”&nbsp;

The banking community and stakeholders will undoubtedly watch closely as the bank awaits the RBI’s approval of the proposed successor, marking the end of an era in the Indian banking sector.

WATCH WION LIVE HERE

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Kotak Mahindra Bank unbelievably announced on September 1 that its founder and CEO – Uday Kotak, the visionary who built one of India’s leading banks from scratch, is stepping down from his position as CEO and appointing a new leadership, months before his contract was set to legally expire.

Kotak Mahindra Bank unbelievably announced on September 1 that its founder and CEO – Uday Kotak, the visionary who built one of India’s leading banks from scratch, is stepping down from his position as CEO and appointing a new leadership, months before his contract was set to legally expire. As this transition begins, we take a look back at Kotak’s journey to fame and the path taken by the bank that bears his name. Uday Kotak’s early life Born in Mumbai on March 15, 1959, Uday Kotak hails from an upper-middle-class Gujarati Lohana joint family that engaged in cotton trading. After Partition, his father left Karachi and came back to India. He grew up in Babulnath in a large joint family in a home with 60 people living under one roof. Uday was always passionate about cricket and wanted to build a career as a cricketer. He was a talented player who captained his college team while pursuing his MBA at Jamnalal Bajaj Institute. He was struck in the head by a ball during a Kanga League game; it took him several months to recover and he missed a year of college. The launch of Kotak Mahindra Finance After abandoning his dreams to become a cricketer and completing his MBA, Uday chose to launch his own little financial agency at the Navsari building premises using a 300-square-foot office space that his father had provided him. Uday obtained a small loan from his family and friends to launch his finance and bill discounting firm. His closest friend, Anand Mahindra, is responsible for the majority of the investment. It was because of his assistance that the financial institution was given the name ‘Kotak Mahindra.’ Uday offered low-interest financial help to commercial organisations like Tata subsidiary Nelco. Compared to other banks and financial institutions, he charged business organisations reduced interest rates. Finally, under the name Kotak Mahindra Finance, he founded the Kotak Mahindra group in 1985. The path towards banking The business had diversified into investment banking, bill discounting, stockbroking, life insurance, auto financing, and mutual funds by 1995 after expanding into distribution and brokerage. Then, in an important milestone, Uday obtained a banking licence from the central bank in 2003. Under Uday’s direction, Kotak Mahindra Bank witnessed a remarkable change in the years that followed, growing from a young organisation into India’s third-largest private sector bank. Along with the bank, Uday’s group also established an asset management firm and an alternative asset business worth $18 billion. Kotak’s mantra to success The three core principles and values When speaking to the Financial Express, Uday highlighted two critical qualities that have propelled his career: common sense and middle-class values. He believes these values are fundamental for all individuals. In shaping the banks of the future, Uday emphasised three core principles. First, he stressed the importance of prudence, cautioning against excessive leverage in banking, drawing from lessons learned during the global financial crisis. Second, he advocated for simplicity, advising banks to avoid complex financial products that can lead to confusion and risk. Lastly, Kotak underscored the need for humility among bankers, recognising their role as custodians of public funds. In the evolving Indian business landscape, Uday observed a shift towards “survival of the fittest,” with policies favouring financial prudence over bailouts for struggling businesses. The five Cs Apart from the three principles, Uday shared his success mantras with IIM Bangalore students during the institute’s 42nd annual convocation. Kotak’s advice revolved around five key principles: character, conviction, commitment, creativity, and capability. Character was the cornerstone, with Kotak emphasising the importance of aligning decisions with personal values, even when tempted by shortcuts. Conviction was about courageously pursuing beliefs, distinguished from foolhardiness through self-reflection. Commitment was linked to passion and enjoyment in work, fostering genuine dedication and progress. Kotak championed creativity, urging students to think beyond convention and embrace failure as a learning opportunity. Lastly, he highlighted that capability isn’t enough; execution is key. He encouraged students to stretch their limits while maintaining their values. Kotak concluded by advising graduates to be bold, creative, and resilient, defending their values as they enter the professional world, remains full of opportunities and challenges. Kotak after Kotak Kotak chose to share the news of his resignation on the microblogging platform 'X' (formerly Twitter), where he reflected on his remarkable journey with the institution. Kotak Mahindra Bank, which began with just three employees in Fort, Mumbai, has now evolved into a financial powerhouse with a substantial presence across India and in five other countries, boasting a workforce of over 100,000 employees. Kotak described this transformation in his heartfelt note, stating, “It has been 38 long years since this institution was created.” What makes this development particularly noteworthy is that Kotak’s departure comes ahead of schedule. He mentioned that both the joint Managing Director and Chairman of the bank are also expected to step down by December. The transition awaits approval from the Reserve Bank of India (RBI). As Kotak steps down, the responsibility temporarily falls on his colleague, Dipak Gupta, who currently serves as the Joint MD. In his post, Kotak noted, “In the interim, my dear colleague Dipak Gupta... will function as MD & CEO, subject to approvals.” The banking community and stakeholders will undoubtedly watch closely as the bank awaits the RBI’s approval of the proposed successor, marking the end of an era in the Indian banking sector. WATCH WION LIVE HERE

Flashback Friday: Revisiting the success of the self-made billionaire banker – Uday Kotak 

<a href="https://www.wionews.com/business-economy/it-stocks-propel-indian-shares-to-all-time-peaks-268818">Indian shares</a> ended firmer on Friday, with banking stocks leading gains, as investors assessed a raft of corporate earnings and awaited the release of the federal budget next week.

The <a href="https://www.wionews.com/business-economy/nifty-sensex-inch-lower-zee-top-gainer-in-nifty-50-263548">NSE Nifty 50 Index</a> ended 0.56 per cent&nbsp;higher at 12,248.25, while the S&amp;P BSE&nbsp;Sensex&nbsp;closed down 0.55&nbsp;per cent&nbsp;at 41,613.19.

However, poorly received financial results from a few index heavyweights dragged the Nifty 0.84&nbsp;per cent&nbsp;lower this week, while analysts also expected markets to remain volatile until the federal budget on February&nbsp;1, which could include government measures to revive economic growth.

Ultratech Cement Ltd, a Nifty component, gained 2.6&nbsp;per cent&nbsp;after reporting on Friday an increase in its profit for the quarter ended December.

The Nifty banking index ended 0.77&nbsp;per cent&nbsp;firmer, with <a href="https://www.wionews.com/business-economy/kotak-mahindra-bank-q4-profit-rises-14-to-rs-2038-crore-214769">Kotak Mahindra Bank</a> closing 2.3&nbsp;per cent&nbsp;higher. Private-sector lender <a href="https://www.wionews.com/business-economy/board-member-at-yes-bank-quits-cites-governance-concerns-273443">Yes Bank</a> was the top gainer in the index with a 4.5&nbsp;per cent&nbsp;jump. Yes Bank stock, which rose for the third consecutive session, dropped 9&nbsp;per cent&nbsp;so far this year.

Indian shares ended firmer on Friday, with banking stocks leading gains, as investors assessed a raft of corporate earnings and awaited the release of the federal budget next week.

Indian shares ended firmer on Friday, with banking stocks leading gains, as investors assessed a raft of corporate earnings and awaited the release of the federal budget next week. The NSE Nifty 50 Index ended 0.56 per cent higher at 12,248.25, while the S&P BSE Sensex closed down 0.55 per cent at 41,613.19. However, poorly received financial results from a few index heavyweights dragged the Nifty 0.84 per cent lower this week, while analysts also expected markets to remain volatile until the federal budget on February 1, which could include government measures to revive economic growth. Ultratech Cement Ltd, a Nifty component, gained 2.6 per cent after reporting on Friday an increase in its profit for the quarter ended December. The Nifty banking index ended 0.77 per cent firmer, with Kotak Mahindra Bank closing 2.3 per cent higher. Private-sector lender Yes Bank was the top gainer in the index with a 4.5 per cent jump. Yes Bank stock, which rose for the third consecutive session, dropped 9 per cent so far this year.

Nifty, Sensex close higher, banking stocks shine

Equity benchmark indices erased opening gains and continued to slide throughout the session on Monday due to profit booking as concerns over a cut in supply from Libya sent oil prices higher.

Except for Nifty FMCG and realty, all sectoral indices at the National Stock Exchange (NSE) were in the red with Nifty bank down by 1.56 per cent. Among stocks, Kotak Mahindra Bank lost by 4.78 per cent at Rs 1,617 per share.

The private sector lender said its standalone profit after tax for Q3 FY20 increased to Rs 1,596 crore from 1,291 crore in Q3 FY19, up 24 per cent, but asset quality weakened sequentially. Indian Oil Corporation fell by 4.08 per cent while index heavyweight Reliance Industries dropped by 3.09 per cent to Rs 1,532.20 per share.

The other prominent losers were Coal India, NTPC, Tata Consultancy Services, Adani Ports, Axis Bank and Bajaj Finance. Meanwhile, Asian shares traded higher as Wall Street extended its run of record peaks on solid US economic data. Japan`s Nikkei added 0.18 per cent while the Shanghai Composite was up by 0.66 per cent and South Korea`s Kospi by 0.54 per cent.&nbsp;

The Hang Seng index slipped fractionally by 0.9 per cent. However, prices jumped as oilfields in southwest Libya began shutting down after forces loyal to Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level.

Equity benchmark indices erased opening gains and continued to slide throughout the session on Monday due to profit booking as concerns over a cut in supply from Libya sent oil prices higher.

Equity benchmark indices erased opening gains and continued to slide throughout the session on Monday due to profit booking as concerns over a cut in supply from Libya sent oil prices higher. Except for Nifty FMCG and realty, all sectoral indices at the National Stock Exchange (NSE) were in the red with Nifty bank down by 1.56 per cent. Among stocks, Kotak Mahindra Bank lost by 4.78 per cent at Rs 1,617 per share. The private sector lender said its standalone profit after tax for Q3 FY20 increased to Rs 1,596 crore from 1,291 crore in Q3 FY19, up 24 per cent, but asset quality weakened sequentially. Indian Oil Corporation fell by 4.08 per cent while index heavyweight Reliance Industries dropped by 3.09 per cent to Rs 1,532.20 per share. The other prominent losers were Coal India, NTPC, Tata Consultancy Services, Adani Ports, Axis Bank and Bajaj Finance. Meanwhile, Asian shares traded higher as Wall Street extended its run of record peaks on solid US economic data. Japan`s Nikkei added 0.18 per cent while the Shanghai Composite was up by 0.66 per cent and South Korea`s Kospi by 0.54 per cent. The Hang Seng index slipped fractionally by 0.9 per cent. However, prices jumped as oilfields in southwest Libya began shutting down after forces loyal to Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level.

Amid concerns over oil supply from Libya, Sensex tumbles 416 points

The <a href="https://www.wionews.com/business-%26-economy/indian-rupee-since-independence-a-brief-history-159436">Indian&nbsp;rupee</a>&nbsp;will not recover lost ground in the coming&nbsp;year, according to a&nbsp;Reuters&nbsp;poll&nbsp;of currency strategists who are more pessimistic than last month amid doubts over any kind of trade truce between the United States and China.

Most emerging markets currencies have depreciated against the <a href="https://www.wionews.com/business-economy/rupee-slips-17-paise-to-6932-vs-us-dollar-in-early-trade-230729">US&nbsp;dollar</a>, hurt by the tit-for-tat trade war between the world's two largest economies, and there are scant signs of a resolution anytime soon.

Also weighing on the currency's outlook, the <a href="https://www.wionews.com/business-economy/india-seen-making-sixth-interest-rate-cut-but-no-cure-for-economys-ills-265905">Reserve Bank of India </a>has cut its key interest rate by 135 basis points&nbsp;so far this&nbsp;year&nbsp;to support a slowing economy. It is expected to cut the repo rate by another 25 basis points to 4.90 per cent&nbsp;on Thursday.

"Global trade talks are turning topsy-turvy, a lot will depend on how that plays out. Domestically, the tide has turned rough for the <a href="https://www.wionews.com/videos/reserve-bank-of-india-scales-down-printing-of-inr-2000-notes-188206">INR</a>, led by tapering of domestic growth optimism and fiscal worries - all weighing on the&nbsp;rupee's way forward," Madhavi Arora, lead economist, FX and rates at Edelweiss Securities said.

"After December's rate cut&nbsp;reforms in the banking sector and strong infrastructure investments are needed in addition to a monetary stimulus to help growth and the&nbsp;rupee."

The December 2-4&nbsp;poll, taken before the monetary policy committee's announcement due later on Thursday, showed the currency would weaken 0.6 per cent&nbsp;to 72.00 per dollar in a&nbsp;year&nbsp;from 71.57 where it was trading around on Wednesday.

The&nbsp;year&nbsp;ahead outlook was the most pessimistic for the&nbsp;rupee&nbsp;since October.

Over the coming&nbsp;year, 23 of 51 strategists expected the&nbsp;rupee&nbsp;to breach 72.40 against the dollar&nbsp;its weakest trade this&nbsp;year. Six of those expected it to weaken beyond its lifetime low of 74.48 per dollar.

But a few analysts argued the&nbsp;rupee's weakness was a deliberate attempt by the RBI to boost exports that have been on a downward trend.

"There is a conscious effort by the RBI to provide a depreciation bias to the&nbsp;rupee. That could probably become a new norm for at&nbsp;least&nbsp;sometimes, so the export sector slightly benefits," said Upasna Bhardwaj, senior economist at Kotak Mahindra Bank.

"The pace at which the RBI has been buying dollars clearly signals a new policy the RBI is adopting. Its bias for a relatively weaker currency will determine its direction. This is an unsaid policy obviously, but through actions like dollar purchases it is suggestive of that."

The Indian rupee will not recover lost ground in the coming year, according to a Reuters poll of currency strategists who are more pessimistic than last month amid doubts over any kind of trade truce between the United States and China.

The Indian rupee will not recover lost ground in the coming year, according to a Reuters poll of currency strategists who are more pessimistic than last month amid doubts over any kind of trade truce between the United States and China. Most emerging markets currencies have depreciated against the US dollar, hurt by the tit-for-tat trade war between the world's two largest economies, and there are scant signs of a resolution anytime soon. Also weighing on the currency's outlook, the Reserve Bank of India has cut its key interest rate by 135 basis points so far this year to support a slowing economy. It is expected to cut the repo rate by another 25 basis points to 4.90 per cent on Thursday. "Global trade talks are turning topsy-turvy, a lot will depend on how that plays out. Domestically, the tide has turned rough for the INR, led by tapering of domestic growth optimism and fiscal worries - all weighing on the rupee's way forward," Madhavi Arora, lead economist, FX and rates at Edelweiss Securities said. "After December's rate cut reforms in the banking sector and strong infrastructure investments are needed in addition to a monetary stimulus to help growth and the rupee." The December 2-4 poll, taken before the monetary policy committee's announcement due later on Thursday, showed the currency would weaken 0.6 per cent to 72.00 per dollar in a year from 71.57 where it was trading around on Wednesday. The year ahead outlook was the most pessimistic for the rupee since October. Over the coming year, 23 of 51 strategists expected the rupee to breach 72.40 against the dollar its weakest trade this year. Six of those expected it to weaken beyond its lifetime low of 74.48 per dollar. But a few analysts argued the rupee's weakness was a deliberate attempt by the RBI to boost exports that have been on a downward trend. "There is a conscious effort by the RBI to provide a depreciation bias to the rupee. That could probably become a new norm for at least sometimes, so the export sector slightly benefits," said Upasna Bhardwaj, senior economist at Kotak Mahindra Bank. "The pace at which the RBI has been buying dollars clearly signals a new policy the RBI is adopting. Its bias for a relatively weaker currency will determine its direction. This is an unsaid policy obviously, but through actions like dollar purchases it is suggestive of that."

Indian Rupee on slippery slope for at least a year: Sources

<a href="https://www.wionews.com/business-economy/sensex-sheds-over-250-points-as-equity-indices-open-in-red-237574">Equity benchmark indices opened higher</a> but quickly turned volatile during early hours on Tuesday as investors awaited more corporate earnings due this week.

At 10:15 am, the BSE S&amp;P Sensex was up 48 points at 38,079 while the Nifty 50 gained 11 points to 11,357.&nbsp;

Except for IT and realty, all sectoral indices at the National Stock Exchange were in the red.

IT stocks were up with Infosys gaining 2.1 per cent and Wipro by 1.3 per cent. The other gainers were Kotak Mahindra Bank, Axis Bank and Power Grid.

However, Yes Bank dropped 2.7 per cent while HDFC Bank was down 2 per cent. Bharti Infratel, HDFC and Bajaj Auto also edged lower by about 1.8 per cent.

Meanwhile, Asian stocks traded slightly higher ahead of a busy week of US corporate earnings as well as potential developments in trade negotiations.

&nbsp;Oil prices stabilised after recent gains amid tensions in the Persian Gulf.

Shares in Tokyo outperformed while equities also rose in Sydney and Seoul. Hong Kong and Shanghai opened little changed. Trading was thin across the region with volumes below average.&nbsp;

Equity benchmark indices opened higher but quickly turned volatile during early hours on Tuesday as investors awaited more corporate earnings due this week. At 10:15 am, the BSE S&P Sensex was up 48 points at 38,079 while the Nifty 50 gained 11 points to 11,357.

Equity benchmark indices opened higher but quickly turned volatile during early hours on Tuesday as investors awaited more corporate earnings due this week. At 10:15 am, the BSE S&P Sensex was up 48 points at 38,079 while the Nifty 50 gained 11 points to 11,357. Except for IT and realty, all sectoral indices at the National Stock Exchange were in the red. IT stocks were up with Infosys gaining 2.1 per cent and Wipro by 1.3 per cent. The other gainers were Kotak Mahindra Bank, Axis Bank and Power Grid. However, Yes Bank dropped 2.7 per cent while HDFC Bank was down 2 per cent. Bharti Infratel, HDFC and Bajaj Auto also edged lower by about 1.8 per cent. Meanwhile, Asian stocks traded slightly higher ahead of a busy week of US corporate earnings as well as potential developments in trade negotiations. Oil prices stabilised after recent gains amid tensions in the Persian Gulf. Shares in Tokyo outperformed while equities also rose in Sydney and Seoul. Hong Kong and Shanghai opened little changed. Trading was thin across the region with volumes below average.

Equities flat amid volatile trading, Infosys gains over 2 per cent

Kotak Mahindra Bank Tuesday reported a 14 per cent rise in consolidated net profit at Rs 2,038.27 crore for March quarter, 2018-19.

The private sector lender clocked a profit of Rs 1,789.24 crore in the same quarter of the previous financial year.

Total income rose to Rs 13,823.33 crore during the latest quarter, up from Rs 10,874.12 crore in the year-ago period, the bank said in a regulatory filing.

Consolidated net profit for 2018-19 financial year increased to Rs 7,204 crore from Rs 6,201 crore in the previous year. Income during the year rose to Rs 45,903.36 crore from Rs 38,723.67 crore.

Gross non-performing assets (NPAs) or bad loans of the lender were 1.94 per cent of the gross loans as at March 31, 2019, slightly down from 1.95 per cent at March-end 2018.

Likewise, net NPAs were 0.70 per cent, down from 0.86 per cent a year ago.

The bank's board at a meeting held Tuesday recommended a dividend of Rs 0.80 per equity share for 2018-19.

The dividend will be paid after the approval of shareholders at the annual general meeting, the bank said.

Shares of Kotak Mahindra Bank traded 0.31 per cent down at Rs 1,373.80 per scrip on BSE.&nbsp;

Kotak Mahindra Bank Tuesday reported a 14 per cent rise in consolidated net profit at Rs 2,038.27 crore for March quarter, 2018-19. The private sector lender clocked a profit of Rs 1,789.

Kotak Mahindra Bank Tuesday reported a 14 per cent rise in consolidated net profit at Rs 2,038.27 crore for March quarter, 2018-19. The private sector lender clocked a profit of Rs 1,789.24 crore in the same quarter of the previous financial year. Total income rose to Rs 13,823.33 crore during the latest quarter, up from Rs 10,874.12 crore in the year-ago period, the bank said in a regulatory filing. Consolidated net profit for 2018-19 financial year increased to Rs 7,204 crore from Rs 6,201 crore in the previous year. Income during the year rose to Rs 45,903.36 crore from Rs 38,723.67 crore. Gross non-performing assets (NPAs) or bad loans of the lender were 1.94 per cent of the gross loans as at March 31, 2019, slightly down from 1.95 per cent at March-end 2018. Likewise, net NPAs were 0.70 per cent, down from 0.86 per cent a year ago. The bank's board at a meeting held Tuesday recommended a dividend of Rs 0.80 per equity share for 2018-19. The dividend will be paid after the approval of shareholders at the annual general meeting, the bank said. Shares of Kotak Mahindra Bank traded 0.31 per cent down at Rs 1,373.80 per scrip on BSE.