FinanceInFocus

Kotak Mahindra Bank Launched Cardless ATM Withdrawal Feature

Sharing is caring!

In yet another innovation during Covid-19 times, Kotak Mahindra Bank (Kotak) launched the Cardless Cash Withdrawal Facility through ATMs.

Under this unique facility, Kotak account holders can make cash withdrawals as well as remit money to beneficiaries across India without using a physical debit card.

Using their registered mobile number with the bank, Kotak customers can initiate the transaction through the Kotak Net Banking or Mobile Banking platform. The beneficiary need not be a Kotak customer and need not even have an account with any bank. The cash can be withdrawn by the beneficiary from any Kotak ATM in India.

To withdraw cash, all that a registered beneficiary would need to do is to enter his/her mobile number, sender and SMS codes and the exact cash amount. This would immediately trigger cash withdrawal from a Kotak Bank ATM. An account holder can also withdraw cash using similar feature.

“As a digital-first bank, enhancing customer experience is a continuous process. The cardless cash withdrawal facility is simple, secure and convenient to use; and frees customers from having to carry their debit cards with them all the time.

“Further, in a country as diverse as India, cash continues to play an important role and this facility will enable our customers to seamlessly remit cash to their friends, family and other beneficiaries,” said Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: