According to Shanti Ekambaram, president - consumer banking, Kotak Mahindra Bank, Jifi Saver will take care of their needs such as online shopping, on-the-go transactions, and financial planning, along with other benefits and functionalities of a regular savings bank account.

Shareholders of the Mumbai-based Kotak bank approved the merger proposal at an extraordinary general meeting in Mumbai on Wednesday. The exchange ratio has been fixed at 725 Kotak shares with 1, 000 ING Vysya shares.

At an extraordinary general meeting, shareholders of the Mumbai-based private bank approved the merger proposal. The exchange ratio has been fixed at 725 shares of Kotak with 1, 000 shares of ING Vysya.

“There is an element of fat in the business and we will address it in an evolutionary manner…We are aware of the challenges and we want to make the business productive,” said Uday Kotak, executive vice-chairman and managing director of Kotak Mahindra, in an analyst conference call.

ING Vysya Bank shareholders will get 725 Kotak Mahindra Bank shares for every 1,000 shares they hold.

At 8:35AM, the early indicator SGX Nifty was down 3 points at 8,420.

The BSE said that the Exchange has sought clarification from Kotak Mahindra Bank Ltd with respect to the media report appearing on ETNOW on November 19, 2014 titled "Kotak Bank may merge ING VYSYA with itself in the ratio 2:2.5, deal likely to close within one month.”

State-owned banks which led the Bank Nifty include PNB, SBI, Bank of India, Bank of Baroda and Canara Bank up 1.8-3.5% each.

This is a bank agnostic product, the sender and the receiver may not be our account holders. We have used the IMPS platform on the National Payments Corporation of India (NPCI) network to make this possible, KMB's executive vice president and head of digital initiatives, Deepak Sharma, told PTI over phone.