Morbi or Morvi is situated in the Morbi district of Gujarat. It used to be a Princely State that was ruled by the Ranas of Rajputs before the Indian independence in 1947. During the British era, the Morvi State was one among the several princely states that were governed by the Jadeja dynasty of Rajputs. The city is on the Kathiawar peninsula and is situated on the Machhu River. The dam on this river caused the Morbi disaster in 1979 when the Machu-2 dam burst, sending an enormous wall of water through the town and flooded Morbi. As of the latest census, Morbi has around 2 lakh residents who speak in Gujarati. Morbi experienced dynamic development n between 1922 and 1948, during which Sir Lakhdhiraji Waghji ensured commendable town planning and constructed many heritage buildings in and around the city. Morbi is known for its production of ceramic items and Compact Fluorescent Lamp. Moreover, the city is known to be the largest manufacturers of wall clocks in India.
In February 2003, the RBI gave the license to Kotak Mahindra Finance Ltd to carry on banking business. The head office of the Kotak Mahindra, an Indian private sector bank, is in Mumbai, Maharashtra. It provides banking products and financial services for corporate and retail customers and specialized subsidiaries in the areas of life insurance, investment banking, general insurance, and wealth management.The Bank has 1,369 branches across 689 locations and 2,163 ATMs in the country, as of 31 March 2017. In 2018, it became the second largest private bank in India by market capitalization after the HDFC Bank. Uday Kotak established the Kotak Mahindra Bank which became a financial services conglomerate. The Reserve Bank of India (RBI) provided the banking licence to Kotak Mahindra Finance Ltd (KMFL), the Groups flagship company in February 2003. The KMFL became the first non-banking finance company in India to be converted into a bank ? Kotak Mahindra Bank Limited (Kmb)ltd.In a study published in February 2014 by Brand Finance Banking 500, KMBL was ranked 245th among the worlds top 500 banks with valuation of around half a billion dollars and brand rating of AA+. The Kotak Bank acquired ING Vysya Bank in a deal valued at ?15,000 crore in 2015. Total employment jumped to almost 40,000, and the count of branches reached 1261 with the merger. After the merger,the ING Group, which controlled ING Vysya Bank, owned a 7% share in Kotak Mahindra Bank.