Private sector lender Kotak Mahindra Bank on Thursday said it has initiated the incorporation of Kotak Karma Foundation, a company to be registered under Section 8 of the Companies Act, 2013.This wholly-owned subsidiary of the bank for setting up a Centre of Excellence (CoE) of the Bank for the furtherance of part of its Corporate Social Responsibility (CSR) initiatives, Kotak Mahindra Bank said in a regulatory filing.The process of incorporation of Kotak Karma Foundation is expected to be completed before the end of the second quarter of 2023-24, it added.The bank has received relevant approval from the Reserve Bank of India (RBI), it said.Other than for incorporation, no approvals of any authority would be required for acquisition/subscription or to hold shareholding in Kotak Karma Foundation.It further said that Rs 1 crore towards subscription of 10 lakh equity shares of the face value of Rs 10 each.