Kotak Mahindra denies RBI scrutiny of record books

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Mumbai, Mar 11 (UNI) City-based Kotak Mahindra Bank has strongly denied reports carried by the media that RBI had been conducting special audit of its books.

Speaking to UNI, officials of the bank termed the reports as ''totally baseless and unfounded''. They said that the bank has followed prudent risk management practices and its exposure to equity markets are well within the regulatory norms specified for this purpose.

The bank also has a consolidated net worth of about Rs 5,600 crore and capital ratio of 18.40 per cent, they added.

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