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In March 2017, Kotak Mahindra Bank launched an online savings account called Kotak 811, [26] named after the date Prime Minister Narendra Modi had announced demonetisation in the previous year (8 November), which according to Uday Kotak was "the day that changed India." [27] [28] Kotak 811 helped the bank double its number of customers by ...
User can authenticate a NACH API e-mandate on the web. The customer gets directed to the NPCI website, where customer has to choose their bank, and then authenticate via one of the two methods - 1. Net banking credentials 2. Debit card. [3] Kotak Mahindra Bank became the first bank to allow customers to choose both methods for authentication. [5]
The payment network RTGS/NEFT, debit card and internet banking was also integrated into the app. In 2017 mobile payment, Unified Payment Interface (UPI) facility through BHIM support was added in the app. [4] Kotak Mahindra Bank has been selected as a digital payments partner by the National Agriculture Market (eNAM).
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app. Since the early 2000s this has become the most common way that customers ...
Mahindra & Mahindra Financial Services Limited (MMFSL) is an Indian rural non-banking financial company headquartered in Mumbai. [4] It is amongst the top tractor financers in India, with 1000+ offices across the country. [5] Mahindra Finance started on 1 January 1991, as Maxi Motors Financial Services Limited. [6]
In 1948 Vysya Bank became a scheduled bank. On 7 October 2002 ING Group took over the Management of the Bank. But again ING Vysya Bank has merged with Kotak Mahindra Bank with effect from 1 April 2015 and the combined entity bears the name Kotak Mahindra Bank. [9] Before merger ING Vysya Bank had about 470 branches spread all over India.
The Kotak Mahindra Group was founded in 1985 as a provider of financial services. [8] [9] In February 2003, Kotak Mahindra Finance Ltd (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI) to conduct banking operations in the country and was renamed as Kotak Mahindra Bank, the parent company of Kotak Life Insurance. [10]
The bank had also been ranked the "Safest Banker" by the New Indian Express and among "Top 5 Most Trusted Private Sector Banks" by the Economic Times. [7] On 20 November 2014, in an all-stock amalgamation, ING Vysya Bank decided to merge with Kotak Mahindra Bank, creating the fourth largest private sector bank in India. [8]