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The deal is expected to be completed by September 2027, pending regulatory clearance from the Competition Commission of India.
The change will will apply only to new savings bank accounts opened after August 1, 2025.
In April last year, the RBI restricted Kotak Mahindra Bank from onboarding new customers through online channels and issuing new credit cards.
The company is expected to proceed with an IPO this year, and may seek to raise $750 million or more at a valuation of $7-$8 billion.
