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Kotak Mahindra Bank Rebuts Charges, Says All Allegations Are Baseless

"We assure you that the Kotak Mahindra Bank is a financially strong, well-capitalised bank with strong risk and corporate governance framework. Your deposits with us are absolutely safe".

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Terming the messages circulated on social media platforms and WhatsApp as "baseless" Kotak Mahindra Bank on Friday issued a statement saying that the bank was in a strong financial position and that the deposits of customers are safe.

"We assure you that the Kotak Mahindra Bank is a financially strong, well-capitalised bank with strong risk and corporate governance framework. Your deposits with us are absolutely safe".

Referring to an old case the bank said in a statement: One such message is about a ten-year-old loan recovery case where the borrower - Cogent Ventures India and member of Bagla family as guarantors has defaulted on their loan repayment and to recover dues, our bank had initiated recovery proceedings.

Subsequently, the borrower entered into an out-of-court settlement and repaid the bank's dues. Our bank always acts in accordance with the prevailing law and regulations.

FIR files by Bhpendra Bagla made the matter sub-judice and we cannot comment on a sub-judice matter. We stand committed to extend full cooperation to the investigating agency.


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