Banking in India quite some time-especially in its services sector-the demand for banking services, especially retail banking, mortgages and investment services are expected to be strong. One may also expect M&As, takeovers, and asset sales. In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake in Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an investor has been allowed to hold more than 5% in a private sector bank since the RBI announced norms in 2005 that any stake exceeding 5% in the private sector banks would need to be vetted by
Reserve Bank of India, South Zonal Office Bank of India Act, 1934 (II of 1934). The bank began its operations by taking over from the government the functions so far being performed by the Controller of Currency and from the Imperial Bank of India, the management of government accounts and public debt. The Central Office of the Reserve Bank, where the governor sits and where policies are formulated, was initially established in Calcutta but was permanently moved to Mumbai in 1937. The existing currency offices at Calcutta, Bombay, Madras, Rangoon, Karachi, Lahore and Cawnpore (Kanpur) became branches of the Issue Department. Offices of the Banking Department were