Another revelation after RBI action on Kotak Mahindra Bank, Rs 60 crore was given to BJP

Kotak Mahindra Bank: Infina Finance, one of the promoters of private sector Kotak Mahindra Bank, had donated electoral bonds worth Rs 60 crore to the Bharatiya Janata Party (BJP). Kotak Mahindra Bank is currently facing regulatory action from the Reserve Bank. The central bank has stopped it from issuing new credit cards. Infina Finance, a firm owned by the Kotak family, is listed as one of the promoter group entities of Kotak Mahindra Bank. However, he does not have any shares in the private sector bank.

Election bonds worth Rs 60 crore given to BJP

According to shareholding data available with BSE, as of March 2024, the promoter and promoter group entities held 25.89 per cent stake in Kotak Mahindra Bank. The bank’s founder Uday Kotak is the promoter and single largest shareholder of Kotak Mahindra Bank with 25.71 per cent stake. The remaining 0.18 percent stake is held by other entities of the promoter group. Mumbai-based Infina Finance had given electoral bonds worth Rs 60 crore to the Bharatiya Janata Party (BJP).

Profit of more than Rs 100 crore recorded

Infina, a non-banking financial company registered with RBI, had reported a profit of Rs 105.55 crore in 2022-23. The Reserve Bank of India (RBI) on Wednesday (April 24) barred Kotak Mahindra Bank from adding new customers and issuing new credit cards through its online and mobile banking channels with immediate effect. The banking regulator has found serious lapses in the lender’s IT risk management.

On February 15, 2024, the Supreme Court had declared electoral bonds unconstitutional. The Supreme Court had said that everyone has the right to know from where political parties are getting donations. Along with this, the court had directed SBI to make the data of electoral bonds public and give it to the Election Commission.

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