With reference to the news item appearing in a leading financial daily, dated March 11, 2008 on “Kotak Mahindra Bank’s books being under RBI scrutiny”, Kotak Mahindra Bank Ltd has clarified to BSE that the Bank strongly denies that there has been any special audit conducted by RBI in the past few days to examine the books of the Bank. The Bank follows prudent risk management practices and its exposure to equity markets are well within the regulatory norms specified for this purpose.

The claims made in the news item are totally baseless & unfounded.