GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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IDBI Bank
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ICICI Bank
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Canara Bank
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Kotak Mahindra Bank
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Detailed explanation-1: -Kotak Mahindra Bank on November 25, 2014 became the first bank to get the Reserve Bank of India’s permission to set up a wholly-owned non-life insurance company.
Detailed explanation-2: -Uday Kotak, Founder and Managing Director & CEO of Kotak Mahindra Bank has led the group in a broad range of financial services for over 35 years.
Detailed explanation-3: -At the time, Uday Kotak had 56% stake in the company while Anand Mahindra held 5%. In 2005, Kotak Mahindra Bank acquired Ford Credit’s 40% stake in Kotak Mahindra Primus, making it a wholly-owned subsidiary of the group. Kotak Mahindra Primus was subsequently renamed as Kotak Mahindra Prime.
Detailed explanation-4: -The company started operations in 2001 on a 74:26 joint venture between Kotak Mahindra Bank Ltd and Old Mutual plc and is one of the fastest-growing insurance companies in India trusted by over 4 million policyholders nationwide.