Kotak Mahindra Bank in the next two years to double SME loan book and customer base in Madhya Pradesh

India’s expanding economy fosters growth across various sectors, with SMEs emerging as a significant driving force. Madhya Pradesh, renowned for its vibrant economy and as a hub for many businesses and industries – Auto Ancillaries, Agri, Food Processing, Plastic and Plastic Products, Infrastructure, Wholesale Trade and Pharmaceuticals – has become a focal point for Kotak Mahindra Bank’s strategic expansion efforts. With continuous investment in the entrepreneurial spirit, the bank has doubled its customer base in Madhya Pradesh over the past 2 years, indicative of growing trust and confidence among businesses and entrepreneurs.

For Kotak Mahindra Bank, Madhya Pradesh is one of the most digitally savvy states, with the digital adoption rate in the state impressively standing at 81%, surpassing the national average of 76%. This
underscores the market’s pronounced digital savvy and readiness.

Shekhar Bhandari, President-SME, Kotak Mahindra Bank said, “We have large growth plans for the state with an aim to more than double our SME loan book and customer base in the next two years. The SME sector is a cornerstone of the nation’s economic development and socio-economic progress.”

Paritosh Kashyap, President & Head Wholesale Banking, Kotak Mahindra Bank said, “SME is a strong focus area for Bank’s growth strategy, and we are confident of a sustainable growth of 25-30% for the SME segment in the coming years. SMEs will play a significant role in making India a $5 trillion economy, and the Bank is committed to supporting their growth and wants to grow with them. Madhya Pradesh will be instrumental in driving our SME book growth where we plan to substantially add new customers.”
Kotak Mahindra Bank identifies Indore, Ujjain, Bhopal, Jabalpur and Gwalior as focal points within the state, leveraging local insights and opportunities for growth.