Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking licence from the Reserve Bank of India (RBI), becoming the first nonbanking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd. As on June 30, 2016, Kotak Mahindra Bank Ltd, has a significant national footprint of 1,333 branches spread across 674 locations and 2,034 ATMs, affording it the capacity and means to serve its customers through its wide presence. The consolidated net worth of the Group stands at Rs. 34,443 crore (US $ 5.1 billion; 1 US $ = Rs. 67.62) as on June 30, 2016. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, an International Business Unit at GIFT city, Gujarat, and international offices in London, New York, Dubai, Abu Dhabi, Mauritius and Singapore