Mumbai: Kotak Mahindra Bank is on a diversification spree and is all set to enter the credit card business by March 2008. Kotak is planning establish its presence in the lucrative credit card segment on its own, without any tie-ups with other entities.

KVS Manian, group head of retail liabilities & branch banking, Kotak Mahindra Bank said,“We plan to introduce silver, gold and platinum credit cards. We will target high networth individuals."

The bank is also planning to expand its branch network. Kotak Mahindra Bank currently has 134 branches across 92 locations. “By May 2008 we plan to have more than 200 branches. Besides, the bank will also set up 75 additional ATMs by February 2008, taking that tally to 150," he added.

Kotak Mahindra launched a gold debit card few weeks back and has also started issuing gold coins. The bank was able to sell 210 kg of gold coins last year and has set up a target to sell 500 kg of such coins this year.

Increasing the customer base for corporate accounts is another priority area of Kotak Mahindra Bank and it has set a target to increase such accounts from current 20 percent to 40 percent by the end of this fiscal.

One of the leading financial conglomerate in India, Kotak Mahindra offers a variety of products to its customers like commercial banking, stock broking, mutual funds, life insurance and investment banking. The bank services around 2.9 million customer accounts and has an extensive network both in India and abroad.