Kamlesh Rao in Calcutta on Tuesday. Picture by Kishor Roy Chowdhury

Calcutta, June 18: Private sector lender Kotak Mahindra Bank is looking to generate business worth Rs 165 crore to Rs 170 crore in 2013-14 from the rich through its premium banking offering — privy league.

The product will offer special financial solutions in banking, financial planning and investment.

“The affluent banking consumer pool in India is large and growing fast,” Kamlesh Rao, executive vice-president of Kotak Bank, said today.

An affluent consumer is one with annual investments of over Rs 25 lakh. According to Rao, the base can increase to 40,000 from about 15,000 individuals over the next two years.

The bank has decided to revamp it privy league from advisory services to include banking and allied services. Earlier, the individual did not need to hold an account with the bank to avail the privy league service. The bank only provided investment advice to high net worth individuals.

Privy league members can also trade in forex markets through their account in the bank.

They can avail themselves of services such as priority processing, easy documentation, priority service, besides priority lending rates.

The bank, which has its headquarters in Mumbai, has launched the privy league credit card with lifestyle benefits and reward points. It is also offering Smart OD, an unsecured overdraft of up to four times the gross salary of the customer.

The bank is also planning to add over 100 branches by this fiscal to bolster its existing network of 440 branches and strengthen its CASA (current and savings account) deposits. Of these, seven branches are in the eastern region with four in Calcutta.

At present, the bank has 29 branches in the eastern region.