Two Flat Tyres simultaneously happened this morning ! ~ But can Two Mahindra Banks happen !?
7.25 am this lovely Tuesday morning I was challenged by my car !
” Hello, Good Morning” she greeted cheerfully ….“Me no Go! for me got two flats !” ~ I can swear she was grinning from tyre to tyre ! ~ Lazy Car ~ probably a hangover from the long journeys yesterday to Goregaon that my son subjected her to !
….but Two Mahindra Banks ! ? Nah ! ~ cannot happen ! ~ we already got Kotak Mahindra Bank in existence the last ten years
In 1985 Uday Kotak and Anand Mahindra joined hands to set up the flagship Kotak Mahindra Finance Ltd ~ I distinctly remember meeting Uday at his D N Road Family Office in 1988 on my return from overseas to play for his Cricket Club in the Sunday Kanga League ~ I would have ,had it not rained the first five Sundays of that Kanga Season and if I was not on my Honeymoon for the next five Sundays ! ~A year later I bumped into him at Nariman Point ~ he was scouting for Property for the JV and Nariman Point was the coveted business address in those days. In February 2003, Kotak Mahindra Finance Ltd was given the license to carry on banking business by the Reserve Bank of India (RBI). This approval created banking history since Kotak Mahindra Finance Ltd became the first non-banking finance company in India to convert itself in to a bank as Kotak Mahindra Bank Ltd. ~ Last count it boasted over 357 branches and 866 ATMs spread all over India
Now after Ten Years ,RBI is again set to invite applications for new banking licenses from the private sector and listed Mahindra & Mahindra Financial Services Ltd is being viewed as a strong contender
Just wondering aloud ! ~ if Mahindra & Mahindra Financial Services does apply,will RBI view it negatively as it already gave a licence in 2003 to a NBFC that bore the Mahindra nomenclature,namely Kotak Mahindra Finance Ltd ~ Or will the contention be that Kotak Mahindra and Mahindra & Mahindra are two seperate business groups !
Such a situation may just tilt the balance in favour of L & T Finance,Tata Group,Bajaj Group or Sriram Group ~ I don’t see many new banking licences being issued ~ 3 or 4 max !