PhonePe Launches Income Tax Payment Feature On Its New App

* Enables users to pay self-assessment and advance tax directly from the PhonePe app

* Users can pay using UPI or credit cards

PhonePe, today announced the launch of the ‘Income Tax Payment’ feature on its app. The feature allows taxpayers, both individuals and businesses to pay self-assessment and advance tax directly from within the PhonePe app. This eliminates the need to log in to the tax portal, creating a seamless and efficient experience for taxpayers.

PhonePe has partnered with PayMate, a leading digital B2B payments and service provider to enable this feature. Users can choose to pay their taxes using their credit card or UPI. With credit card payments, users also get a 45-day interest-free period and earn reward points on their tax payments, depending on their bank. Once the payment has been made, taxpayers will receive a Unique Transaction Reference (UTR) number as an acknowledgement within one working day. The challan for the tax payment will be available within two working days.

Commenting on the announcement, Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe said, “At PhonePe, we are committed to continuously enhancing our offerings to meet the evolving needs of our users. We are thrilled to announce the launch of our latest feature, the convenience of paying income taxes on the PhonePe app itself. Paying taxes can often be a complex and time-consuming task, and PhonePe is now offering its users a hassle-free and secure way to fulfill their tax obligations. We believe that this will transform the way our users pay taxes as we have now made the process both simple and easy.”

Here’s how users can pay their taxes in just 3 simple steps on the PhonePe app:

Step 1: Open the PhonePe app homepage and tap on the ‘Income tax’ icon

Step 2:  Select the Type of Tax you would like to pay, the assessment year, and PAN Card details

Step 3: Enter the total tax amount and pay using the preferred mode of payment

Step 4:  Post successful payment, the amount will be credited to the tax portal within 2 working days.

About PhonePe:

PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 47+ crore (470+ Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.5+ crore (35+ Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2023 by Trust Research Advisory (TRA).

For more information contact: media@phonepe.com

Tata Motors Inaugurates State-Of-The-Art Registered Vehicle Scrapping Facility In Bhubaneswar

* Launched by Hon'ble Minister of Water Resources, Commerce & Transport, Government of Odisha, Smt Tukuni Sahu, the world-class facility has a capacity of 10,000 vehicles per year

Tata Motors, India’s leading automobile manufacturer, continues its commitment to sustainable mobility with the launch of its second Registered Vehicle Scrapping Facility (RVSF) in Bhubaneswar, Odisha. Named ‘Re.Wi.Re - Recycle with Respect’, this advanced facility was inaugurated by Smt Tukuni Sahu, Hon'ble Minister of Water Resources, Commerce & Transport, Government of Odisha. The event was graced by delegates from the Odisha Government and Tata Motors. The state-of-the-art facility uses environmentally friendly processes and has the capacity to disassemble 10,000 end-of-life vehicles safely and sustainably each year. The RVSF is developed and operated by Tata Motors’ partner Empreo Premium to scrap end-of-life passenger and commercial vehicles of all brands. This launch follows the success of the first facility in Jaipur, Rajasthan, and marks another significant milestone for the company's sustainable initiatives.

Speaking at the launch of Tata Motors’ Re.Wi.Re RVSF in Odisha, Smt Tukuni Sahu, Hon'ble Minister of Water Resources, Commerce & Transport, Government of Odisha, said, "Today marks a significant milestone in our efforts towards sustainable development in Odisha. With the inauguration of this new scrappage facility, we take a crucial step towards reducing the environmental impact of our transportation sector. This facility not only provides a convenient and safe way to dispose of old vehicles but also promotes the adoption of cleaner and more efficient modes of transportation. We applaud the commitment of Tata Motors and all parties involved in bringing this project to fruition while urging our citizens to unite with us in our pursuit of a cleaner and greener future.”

Commenting on the launch, Mr. Rajesh Kaul, Business Head – Trucks, Tata Motors, added, "At Tata Motors, we are committed to drive sustainable, eco-friendly mobility solutions and complete lifecycle management. As we inaugurate our latest RVSF in Odisha, we embark on a transformative journey towards responsible end-of-life vehicle scrapping in the state. By implementing globally benchmarked recycling processes that hosts modern equipment for safe and sustainable vehicle scrapping, we aim to extract the utmost value from scrap materials and minimise waste for a brighter future. We extend our appreciation to the extraordinary efforts of the Government of Odisha for making this project a reality. These decentralised facilities will benefit our customers, foster economic growth, generate employment opportunities and fulfil the need of eco-friendly vehicle scrapping.”

A cutting-edge facility, Re.Wi.Re. is purpose-built for dismantling end-of-life passenger and commercial vehicles across all brands, with a focus on employing environmentally friendly practices. A fully digital facility, all operations are seamless and paperless. Additionally, there are dedicated stations for the safe dismantling of various components, including tyres, batteries, fuel, oils, liquids and gases. Every vehicle undergoes a meticulous documentation and dismantling process specifically designed to meet the requirements of passenger and commercial vehicles. By doing so, the dismantling process ensures maximum attention to detail, guaranteeing the safe disposal of all components. Ultimately, the Re.Wi.Re. facility embodies a ground-breaking leap towards fostering sustainable practices within the automotive industry.

About Tata Motors

Part of the USD 128 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 42 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and amongst the top three in the passenger vehicles market.

Tata Motors strives to bring new products that fire the imagination of GenNext customers, fuelled by state-of-the-art design and R&D centres located in India, UK, US, Italy and South Korea. With a focus on engineering and tech enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused to develop pioneering technologies that are sustainable as well as suited to evolving aspirations of the market and the customers. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by preparing a tailor-made product strategy, leveraging the synergy between the Group companies and playing an active role liasoning with the Government in developing the policy framework.

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors’ vehicles are marketed in Africa, Middle East, Latin America, South East Asia and SAARC countries. As of March 31, 2023, Tata Motors’ operations inter alia includes 88 consolidated subsidiaries, 2 joint operations, 3 joint ventures and numerous equity-accounted associates, including their subsidiaries, in respect of which the company exercises significant influence.  

Indian Exporters On Amazon Global Selling See Nearly 70% Business Growth (YoY) During Prime Day 2023

Highest growth seen in categories like Beauty <125% YoY growth>, Apparel <122% YoY growth>, Home <81% YoY growth>, Furniture <75% YoY growth>, Kitchen <52% YoY growth>

US, UK and Middle East drove business growth for Indian exporters this Prime Day; Japan emerges as new high growth destination with sellers seeing over 55% business growth YOY respectively.

During the Prime Day event held globally on July 11 and 12 this year, Indian exporters on Amazon Global Selling saw nearly 70% business growth (YoY), going past the average growth rates in the previous editions of the two-day sale event.  Indian exporters sold hundreds of thousands of ‘Made in India’ products to customers across the world with categories like Beauty <125% YoY growth>, Apparel <122% YoY growth>, Home <81% YoY growth>, Furniture <75% YoY growth>, Kitchen <52% YoY growth> witnessing highest growth. The success of Indian exporters on Amazon globally underlines the growing adoption of ecommerce exports amongst micro, small and medium enterprises (MSMEs) and start-ups across the country.  Several globally popular Indian brands such as Homespun Global, California Design Den, Glamburg, Indo Count, Skillmatics, Himalaya amongst others participated in Prime Day 2023.

“With more than 200 million Amazon Prime members globally, Prime Day has always been a key growth period for Indian exporters on Amazon Global Selling. This year, we saw thousands of exporters from across the country take lakhs of ‘made in India’ products to customers worldwide. With more and more people relying on ecommerce globally, we believe Amazon Global Selling will help accelerate the exports business for sellers of all sizes,” says, Bhupen Wakankar, Director Global Trade, Amazon India.  

"Prime Day 2023 proved to be our best-ever event, we saw over 100% YoY growth and achieved a 6X increase compared to our normal business operations. Our success is a result of advanced planning for strategic product launches, active participation in deals, scaling up our marketing efforts, and ensuring meticulous inventory management.,” says Madhur Singhal, Founder of Linenwalas.

Bharat Gulia, Founder Einstein Box says, “We saw a 5X growth compared to Prime Day last year. Since 2021, we have been successfully selling Early Learning and Science Kits on Amazon.com, receiving lots of customer love and trust. The demand from global markets is indeed huge, and thanks to Amazon Global Selling, we have been able to significantly scale our business. The success we’ve achieved in global markets not only fills us with pride as an Indian manufacturer but also enables us to create employment opportunities and make a positive impact.”

Great demand for Indian products

Amazon customers across markets like North America, Europe, Middle East, Japan and others shopped for a range of products from Indian exporters across categories. The highest growth was seen in categories like Beauty, Apparels, Home, Kitchen, Furniture, Toys amongst others. US, UK and Middle East drove business growth for Indian exporters this Prime Day; Japan emerged as new high growth destinations with sellers seeing over 55% business growth YOY respectively.

We launched Minimalist on Amazon UAE in 2021 and in a short span, we have achieved a lot. Our UAE business on Amazon is growing an impressive 107% YOY with Prime Day 2023 being a great enabler generating unprecedented spikes of 2X on Day 1 and 4X on Day 2. Our innovative products like Niacinamide 10% face serum and Vitamin B5 moisturizer, continue to dominate as best sellers reinforcing their position as a trusted and preferred brand among consumers worldwide” says, Mohit Yadav, Founder – Minimalist.

Building global appeal for Indian products

Ahead of Prime Day 2023, Amazon worked with Indian exporters on Global Selling to identify key shopping trends and bring in relevant product assortment, apart from supporting them in areas like cross-border logistics, payments etc. to get their inventory ready and recommending a range of deals and advertising options to choose from.

Reiterating Amazon’s commitment to support Indian sellers to succeed in global markets, Bhupen Wakankar adds, “As we work towards our pledge of enabling $20 billion in cumulative exports from India by 2025; the entire team at Amazon Global Selling remains focused on making exports easy and accessible for small businesses and contribute to the Indian government’s vision of boosting exports from the country.”

About Amazon Global Selling (India)

Amazon Global Selling is a flagship ecommerce exports program that helps lower the entry barrier for Indian MSMEs and entrepreneurs to start or expand their exports business using ecommerce. The program was launched in India in 2015 to help Indian exporters reach customers worldwide through Amazon’s international websites and marketplaces. It provides an avenue for businesses of all sizes to build global brands. Today there are more than 1.25 lakh exporters on the program, showcasing millions of Made in India products to customers in 200+ countries and territories across the world. Together they are on track to surpass $8 billion in cumulative exports from India by 2025.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

JLR India Achieves Highest Ever Q1 Sales With 102% YoY Growth

·       JLR India retail sales double with record growth of 102% in Q1 FY24 vs Q1 FY23

·       Strong performance driven by phenomenal growth of 209% in Range Rover, Range Rover Sport and Defender sales

·       Robust YoY growth in order book of 88% in Q1FY24

·       Demand for Range Rover, Range Rover Sport and Defender continues to be strong with contribution of 78% to the current order book

JLR India today reported its best ever Q1 sales performance with a growth of 102%, retailing a total of 1048 units, in the first quarter of FY24 compared to the same period last year. This performance was enabled by a phenomenal growth of 209% in Range Rover, Range Rover Sport and Defender sales. The three models continue to see sustained demand, contributing 78% of the current order book.

Mr. Rajan Amba, Managing Director, JLR India, said, “JLR India has delivered record sales in Q1 FY24 with our volumes doubling as compared to that in Q1 FY23. This performance is testament to the exceptional equity of the JLR brands and our class-leading collection of modern luxury vehicles. Backed by the growing demand among our discerning clients, our order book remains strong and growing, and we are excited and confident of our India story ahead.”

“As proud creators of the finest modern luxury vehicles, we continue to grow, embracing our distinct design language and renowned all-terrain capability that deliver world-class safety standards.”

With the successful launch of the New Range Rover and New Range Rover Sport in the second half of FY23, and the overwhelming response to the Defender, the order book for Q1 FY24 grew by 88% as compared to the same period last year. The current order book covers for more than six months of sales and is witnessing a consistent increase month-on-month.

JLR certified pre-owned business grew by 137% in the first quarter of FY24, again, reflecting the growing demand and the equity of JLR brands in India.

The company has an impressive line-up of product initiatives scheduled for the year, starting with the highly anticipated release of the enhanced Range Rover Velar – bookings for which have recently commenced.

JLR recently announced its new corporate identity and its House of Brands approach to bring to the fore the unique DNA of each of JLR’s brands - Range Rover, Defender, Discovery and Jaguar – as well as to accelerate delivery of the company’s vision.

L.S Ram, Founder & CEO, Exdion Solutions Conferred With State Export Excellence Award By CM Of Karnataka

Mr L.S Ram Founder & CEO of Exdion Solutions Pvt Ltd was honoured with the State Export Excellence Award at a prestigious event which was held at Vidhan Soudha. The State Export Excellence Awards function is an annual event organised by the Government of Karnataka to recognise the efforts and contribution of exporters across the State. At this prestigious event, the Honourable Chief Minister of Karnataka conferred this award upon Exdion in recognition of its contribution towards ITES exports and employment generation. Exdion is privileged to have received the prestigious “Karnataka State Export Excellence Award” for FY 2016-17 and now again for the combined FYs 2017-18, 2018-19 & 2019-20.

Commenting on receiving this prestigious award, Mr LS Ram, Founder & CEO, Exdion Solutions said, "I feel deeply grateful and  privileged to have received this prestigious award again, after being recognized in 2016-2017. At Exdion, we take pride in our unique AI-driven data extraction engine and broker-specific tools that have revolutionized workflows, improved sales, and reduced errors, ultimately leading to heightened customer satisfaction.  This prestigious recognition motivates us even further to excel and make a lasting impact in the global market”.

Exdion is one of the first Indian companies to build AI cloud Solutions for the US Insurance Brokerage and US Healthcare markets. Exdion's unique AI-powered data extraction engine and broker-specific tools improve sales, minimize human errors, cut costs, improve efficiency, and enhance client satisfaction. Mr. L. S Ram’s mission and vision is to be “Best in Class” with the deployment of this award-winning technology.

Embraced by global Fortune 500 companies and having won several accolades (Appealie Customer Success Award, Insurance Innovator by PC360, Top Insurtech to Watch by Leader’s Edge and Top Healthcare Workflow Solutions Provider by Healthcare Tech), Exdion is now a reliable partner for digital initiatives and helps clients in the US conserve capex, save valuable time, and go beyond outsourcing and offshoring strategies, to be future-ready. With a continuous road map for Innovation and Product Enhancement, Exdion successfully fulfills its “Customer First” philosophy.

Exdion was recognized by Statista as one of “India’s Growth Champions 2022”. Recently, in May 2023, Exdion was certified as a Great Place to Work. This esteemed recognition serves as a testament to Exdion’s unwavering focus on building a High-Trust, High-Performance Culture in Exdion.

About Exdion Solutions Pvt Ltd

Exdion Solutions Private Limited was incorporated on 29th July 2016. It is classified as a non-govt company and is registered at Registrar of Companies, Bangalore. Exdion is headquartered in Bangalore with branch offices in Vellore and Texas (US). Exdion is an AI/ML led leading transformational partner that helps insurance agencies and billing/healthcare firms in the US digitally transform and be future ready. Exdion wholeheartedly champions women empowerment, and collaborates with educational institutions in India to provide transformative "Finishing School Training" to final year students, creating a profound and lasting impact on society.

For more information log on to: https://www.exdion.com/

RuPay Card Issuance Crosses 10,000 Milestone In Bhutan

NPCI International Payments Ltd (NIPL), the wholly-owned subsidiary and international arm of National Payments Corporation of India (NPCI), has announced the significant milestone of issuing over 10,000 RuPay cards in Bhutan within a very short period of its acceptance in the country. RuPay recorded this mark with partner bank of Royal Monetary Authority of Bhutan – Bhutan National Bank Ltd (BNBL). The BNBL RuPay debit cards are accepted at more than 265,994 ATMs and 7.9 million PoS terminals deployed by the member banks of NPCI for cash withdrawals, balance inquiries, and purchases in India.

RuPay is first-of-its-kind global card payment network from India, that is innovative, secure and packed with features. RuPay Phase - II was launched in November 2020. This cross-border payment initiative between India and Bhutan was aimed at promoting the use of low-cost digital payment solutions and advancing digital financial inclusion. It allows Bhutanese citizens to withdraw cash and make payments through all ATM and PoS terminals in India. Currently, Bhutan National Bank is the only bank in Bhutan that issues RuPay cards.

NIPL’s strategic association with BNBL ensured a robust acceptance infrastructure of RuPay in Bhutan. The card is gaining popularity in the Bhutan market owing to RuPay’s customized solutions for its users. NIPL is also venturing into new international markets to widen the reach of RuPay. 

Rina Penkar,  Deputy Chief - Product Development, NIPL said, “We are glad to witness RuPay achieving the milestone of 10K issuance in Bhutan. We would also like to extend our gratitude to Bhutan National Bank for encouraging the widespread adoption of RuPay in Bhutan – the first country to issue as well as accept RuPay cards. We look forward to making RuPay the most preferred card for the residents of Bhutan and achieving many more milestones in the future. At NIPL, we are committed to expanding the footprint of RuPay in various countries to offer an unparalleled purchase experience to citizens and travellers across the world.

Mr. Hem Kumar Acharya, Director of Banking Operations, Bhutan National Bank Ltd, said, “While we launched Rupay Card issuance in the midst of the COVID-19 pandemic, we are happy that the offtake has been impressive even during a period when travel was restricted, and not many people ventured out of Bhutan. RuPay card has been a very convenient value-addition for our account holders, many of whom are students studying at various colleges and universities in India. A major chunk of the cards were issued after restrictions were lifted towards the middle of 2022, and we look forward to an exponential increase in the number of customers using this card, by introducing more features, like acceptance of the card for online transactions, for payment of FastTag road toll transactions, etc, in the future.”

Mr. Kesang Jigme, Officiating Director of Payment and Settlement Systems stated, "The introduction of RuPay in Bhutan has played a pivotal role in bridging the gap in cross-border payments, representing a significant stride towards promoting a robust digital payment system with India. We extend our heartfelt appreciation to Bhutan National Bank for their invaluable support in reaching the 10k RuPay Card issuance milestone. Furthermore, we are actively collaborating with our member banks and NPCI International Payment Limited to enable the issuance of RuPay cards by member banks across the country. The interconnection between Bhutan's Financial Switch network and the RuPay network has not only introduced secure and convenient banking services but has also fostered cost-effective and cashless transactions by streamlining payment flows into mainstream banking systems. This synergy has significantly enhanced cross-border digital payments between our two nations, reinforcing economic cooperation and facilitating seamless financial transactions."

The exponential growth in acceptance of RuPay cards in Bhutan stands as testimony to the strengthened bilateral ties between the two neighbouring nations.

BNB RuPay card link: https://www.bnb.bt/rupay-card/

About NIPL

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly-owned subsidiary of National Payments Corporation of India (NPCI). As the international arm of NPCI, NIPL is devoted to the deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Card Scheme – RuPay, outside of India. NPCI has successfully developed and proved its product and technological capabilities in the domestic market by transforming payment segment in India. Conversely, there are several countries that want to establish a ‘real-time payment system’ or ‘domestic card scheme’ in their own country. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing, consulting for building real-time payment system to meet the rapidly evolving need of fast-growing global businesses. NIPL is focused on transforming payments across the globe with the use of technology and innovation. It will not only enable payment for Indians but also uplift other countries by enhancing their payment capabilities through technological assistance, consulting, and infrastructure.

About RMA

The RMA is responsible for formulating and implementing monetary policy in Bhutan, as well as regulating and supervising the financial system of the country. It acts as the custodian of the Bhutanese currency and plays a crucial role in maintaining price stability and promoting economic growth. The Royal Monetary Authority of Bhutan operates under the guidance of the Monetary Authority of Bhutan Act and works closely with the government, financial institutions, and international organizations to fulfill its mandate.

About BNBL

Bhutan National Bank Limited (BNBL) was established on 6th January 1997. BNBL provides a wide range of banking and financial services to individuals, corporations, and government entities. Some of the services offered by the bank include savings and current accounts, fixed deposits, loans and advances, remittances, foreign exchange services, credit cards, and internet banking. The bank has a network of branches and ATMs across the country, providing accessibility to customers in different regions of Bhutan. It has also adopted modern banking technology to enhance its services and efficiency.

Kotak Mahindra Bank Announces Positive Results In Q1, 2023

Kotak Mahindra Bank Standalone PAT For Q1FY24 Rs 3,452 crore, up 67% YoY

* Consolidated PAT for Q1FY24 Rs 4,150 crore, up 51% YoY

The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023, at the Board meeting held in Mumbai,

Kotak Mahindra Bank standalone results

The Bank’s PAT for Q1FY24 stood at Rs 3,452 crore, up 67% YoY from Rs 2,071 crore in Q1FY23.

Net Interest Income (NII) for Q1FY24 increased to Rs 6,234 crore, from Rs 4,697 crore in Q1FY23, up 33% YoY. Net Interest Margin (NIM) was 5.57% for Q1FY24.

Fees and services for Q1FY24 increased to Rs 1,827 crore from Rs 1,528 crore in Q1FY23, up 20% YoY.

Operating profit for Q1FY24 was Rs 4,950 crore, up 78% YoY (Q1FY23: Rs 2,783 crore).

Customers as at June 30, 2023 were 43.5 mn (34.5 mn as at June 30, 2022).

Advances (incl. IBPC & BRDS) increased 19% YoY to ? 3,37, 031 crore as at June 30, 2023 from ? 282,665 crore as at June 30, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18% YoY to Rs 3,62,204 crore as at June 30, 2023 from Rs 3,06,123 crore as at June 30, 2022.

Unsecured retail advances (incl. Retail Micro Finance) as a % of net advances stood at 10.7% as at June 30, 2023. (7.9% as at June 30, 2022).

CASA ratio as at June 30, 2023 stood at 49.0%.

Average Current deposits grew to ? 59,431 crore for Q1FY24 compared to ? 55,081 crore for Q1FY23 up 8%. Average Savings deposits stood at ? 119,817 crore as at June 30, 2023 (Rs 121,521 crore as at June 30, 2022). Average Term deposit up 40% from Rs 130,035 crore for Q1FY23 to Rs 182,047 crore for Q1FY24.

ActivMoney was launched in Q1FY24 and TD sweep balance grew 24% QoQ (non-annualised) to Rs 28,990 crore.

As at June 30, 2023, GNPA was 1.77% & NNPA was 0.40% (GNPA was 2.24% & NNPA was 0.62% at June 30, 2022). The provision coverage ratio stood at 78.0%.

Capital Adequacy Ratio of the Bank, as at June 30, 2023 was 22.0% and CET I ratio of 20.9% (including unaudited profits).

Consolidated results at a glance

Consolidated PAT for Q1FY24 was Rs 4,150 crore, up 51% YoY from Rs 2,755 crore in Q1FY23.

At the consolidated level, the Return on Assets (ROA) for Q1FY24 (annualized) was 2.63% (2.04% for Q1FY23). Return on Equity (ROE) for Q1FY24 (annualized) was 14.62% (11.22% for Q1FY23).

Consolidated Capital Adequacy Ratio as per Basel III as at June 30, 2023 was 23.3% and CET I ratio was 22.3% (including unaudited profits).

Consolidated Capital and Reserves & Surplus as at June 30, 2023 was Rs 1,16,500 crore (Rs 1,00,078 crore as at June 30, 2022). The Book Value per Share was Rs 584.

Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew by 19% YoY from Rs 3,39,606 crore as at June 30, 2022 to Rs 4,05,775 crore as at June 30, 2023.

Total assets managed / advised by the Group as at June 30, 2023 were Rs 4,66,878 crore up 23% YoY over Rs 3,78,474 crore as at June 30, 2022. The Alternate Assets’ AUM (includes undrawn commitments, wherever applicable) increased by 90% YoY to ? 46,443 crore as at June 30, 2023.

The financial statements of Indian subsidiaries (excluding insurance companies) and associates are prepared as per Indian Accounting Standards in accordance with the Companies (Indian Accounting Standards) Rules, 2015. The financial statements of subsidiaries located outside India are prepared in accordance with accounting principles generally accepted in their respective countries. However, for the purpose of preparation of the consolidated financial results, the results of subsidiaries and associates are in accordance with Generally Accepted Accounting Principles in India (‘GAAP’) specified under Section 133 and relevant provision of Companies Act, 2013.

About Kotak Mahindra Group

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd (KMBL).

Kotak Mahindra Group (Group) offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life and general insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked.

Kotak Mahindra Group has a global presence through its subsidiaries in UK, USA, Gulf Region, Singapore and Mauritius with offices in London, New York, Dubai, Abu Dhabi, Singapore and Mauritius respectively. As on 30th June, 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,788 branches and 3,047 ATMs, and branches in GIFT City and DIFC (Dubai).

For more information, please visit the Company’s website at https://www.kotak.com