Kotak Mahindra Bank Limited (KOTAKBANK.BO)
| Previous close | 1,642.25 |
| Open | 1,644.00 |
| Bid | 1,621.55 x 0 |
| Ask | 0.00 x 0 |
| Day's range | 1,615.75 - 1,653.05 |
| 52-week range | 1,544.15 - 2,063.00 |
| Volume | |
| Avg. volume | 571,155 |
| Market cap | 3.243T |
| Beta (5Y monthly) | 0.47 |
| PE ratio (TTM) | 17.83 |
| EPS (TTM) | N/A |
| Earnings date | N/A |
| Forward dividend & yield | 1.50 (0.09%) |
| Ex-dividend date | 04 Aug 2023 |
| 1y target est | N/A |
- Reuters
Indian banks to step up IT spends as regulatory scrutiny rises
Indian banks' plan to increase their technology spending to around 10% of their operating expenses to keep up with the surge in digital transactions as the central bank intensifies scrutiny on frequent outages, more than half a dozen bankers said. Banks were earlier spending between 6%-8% of total operating expenditure on technology, sharply below the global average of 10%-12%. However, increased scrutiny of banks' IT systems by the Reserve Bank of India (RBI) over the past year and the recent sanctions imposed on Kotak Mahindra Bank due to technology-related deficiencies are forcing lenders to take the regulator's concerns more seriously.
- Insider Monkey
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- Reuters
Indian bank Kotak Mahindra's shares dive after new digital client ban
MUMBAI (Reuters) -Kotak Mahindra Bank's shares fell by nearly 11% on Thursday, a day after India's central bank barred the lender that relies heavily on online banking from taking on new digital clients and issuing credit cards. The Reserve Bank of India acted after the tech systems at Kotak, India's fourth biggest private bank, failed to manage a surge in transactions. Shares in Kotak fell by as much as 13% to their lowest since November 2020, before paring losses slightly in late trade.
