Kotak Mahindra Bank moves up on partnering with NeSL to issue electronic bank guarantee
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Kotak Mahindra Bank is currently trading at Rs. 1753.20, up by 13.25 points or 0.76% from its previous closing of Rs. 1739.95 on the BSE.
The scrip opened at Rs. 1753.95 and has touched a high and low of Rs. 1761.65 and Rs. 1737.50 respectively. So far 10242 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 2063.00 on 31-May-2023 and a 52 week low of Rs. 1644.20 on 14-Mar-2023.
Last one week high and low of the scrip stood at Rs. 1774.95 and Rs. 1722.50 respectively. The current market cap of the company is Rs. 348477.51 crore.
The promoters holding in the company stood at 25.93%, while Institutions and Non-Institutions held 60.98% and 13.10% respectively.
Kotak Mahindra Bank (KMBL) has partnered with National E-Governance Services (NeSL) to issue its first electronic Bank Guarantee (e-BG) on the latter’s platform. The tie-up enables the digitisation of Trade, thus helping eliminate paper-based issuance of Bank Guarantees.
The digitisation includes issuance, amendment, closure, digital stamping and signing, significantly reducing the Guarantee turnaround time (TAT) to a few hours compared to 2-3 working days for the paper-based process. The e-BG also mitigates the authentication risks.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
