Rs 2000 note withdrawal: Kotak Mahindra Bank garners deposits of Rs 5400 crore

Kotak Mahindra Bank has said that it has attracted INR54bn ($790m) in deposits as a result of the Reserve Bank of India's withdrawal of INR2,000-denomination notes. Many of the funds have come into current accounts held by the bank’s business customers. Kotak’s president for retail liabilities and branch banking, Virat Diwanji, warned that the increase in deposits was a temporary phenomenon, as the businesses would eventually deploy the same money for other purposes such as paying vendors.

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