Kotak Mahindra Bank plans to open its maiden overseas branch in Singapore and has applied for a licence to the RBI, a senior official said on Monday. "We have applied for an international branch to the RBI (Reserve Bank of India). We would like to set up our first branch in Singapore," C Jayaram, executive director of Kotak Mahindra Bank told Reuters, but declined to give a time frame. After the bank obtains the RBI nod, it will have to get an approval from the Monetary Authority of Singapore, he said. The private lender is also planning to expand its branch network in India, Jayaram said. "We have a branch expansion plan, for which I think we are in the last stage of getting permission from the Reserve Bank of India." The bank will have more than 500 branches by April 2013, compared with 321 branches as on March 31, Jayaram said.
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