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Kotak Mahindra Financial institution launches cardless money withdrawal facility by means of ATMs –Here is the way it works | Private Finance Information


New Delhi: Kotak Mahindra Financial institution (Kotak) has launched Cardless Money Withdrawal Facility by means of ATMs (Prompt Cash Switch – IMT).

The ability permits Kotak accountholders to make money withdrawals in addition to remit cash to beneficiaries throughout India with out utilizing a bodily debit card. Kotak prospects can provoke the transaction by means of the Kotak Internet Banking or Cellular Banking platform utilizing their registered cell quantity with the financial institution.

The beneficiary needn’t be a Kotak buyer and needn’t even have an account with any financial institution. The money will be withdrawn by the beneficiary from any Kotak ATM in India.

Right here is how Kotak cardless money withdrawal facility works

  • Kotak account holders want to go browsing to Kotak Internet Banking or the Cellular Banking app and register the beneficiary’s title, cell quantity and deal with.
  • This beneficiary registration is a one-time course of solely and also can embrace personal title and particulars for the self-withdrawal choice.
  • As soon as a beneficiary is efficiently registered, IMT will be initiated by means of Internet Banking or Cellular Banking by getting into the quantity to be remitted and setting a sender’s code.
  • After IMT is created efficiently, the beneficiary can withdraw money from any Kotak ATM in India by choosing the choice of cardless money withdrawal (IMT) on the ATM display.
  • The beneficiary will have the ability to withdraw cash by getting into his/her cell quantity, sender and SMS codes and the precise money quantity.

“As a digital-first financial institution, enhancing buyer expertise is a steady course of. The cardless money withdrawal facility is easy, safe and handy to make use of and frees prospects from having to hold their debit playing cards with them on a regular basis. Additional, in a rustic as numerous as India, money continues to play an essential function and this facility will allow our prospects to seamlessly remit money to their mates, household and different beneficiaries,” Puneet Kapoor, President – Merchandise, Alternate Channels and Buyer Expertise Supply, Kotak Mahindra Financial institution stated.


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