Kotak, who inaugurated the bank's second branch in the city, told reporters that the credit cards business was next in line for Kotak Mahindra, and the products would be launched within 18 months.
About the expansion plans, Kotak said the bank would increase the number of branches to 100 by the end of 2007-08 fiscal across various parts of the country.
Asked about the investments, which would go in setting up the branches, he said it would be between Rs 125-150 crore (Rs 1.25 to 1.5 billion).
Kotak Mahindra offers products in areas of banking, insurance, securities, mutual fund and investment banking.
Kotak Mahindra offers products in areas of banking, insurance, securities, mutual fund and investment banking. Asked whether the bank was looking at acquisitions in the country, Kotak said "definitely we are open to it".
Kotak Mahindra Bank, which already has subsidiaries in London and Dubai, plans to start new investor services company in the Far East.
Kotak said these subsidiaries act as a distributor point for global investors willing to invest in India. Once capital account convertibility comes, these centres would also help Indian investors in making investment decisions abroad.
The bank was also in the process of putting in place a venture fund. Kotak said commitments from private equity owners were to the tune of Rs 200 crore (Rs 2 billion) and the initial corpus of the fund would be around Rs 300 crore (Rs 3 billion).
The fund would be directed towards small and medium enterprises. Kotak Mahindra currently has 48 ATMs across the country, and had entered into sharing arrangements with a number of banks.
Warburg Pincus recently picked up 2.75 per cent stake in the bank.
