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Kotak Mahindra Bank asked to cut promoter shareholding

India's central bank asked Kotak Mahindra Bank Ltd. to bring down its promoter shareholding to 30% by June 30.

The Reserve Bank of India also asked the lender to reduce its promoter shareholding to 20% by Dec. 31, 2018, and 15% by March 31, 2020, according to a release.