New Delhi: Kotak Mahindra Bank (Kotak) has launched Cardless Money Withdrawal Facility by ATMs (On the spot Cash Switch – IMT).
The power permits Kotak accountholders to make cash withdrawals in addition to remit cash to beneficiaries throughout India with out utilizing a bodily debit card. Kotak clients can provoke the transaction by the Kotak Web Banking or Cell Banking platform utilizing their registered cell quantity with the bank.
The beneficiary needn’t be a Kotak buyer and needn’t even have an account with any bank. The cash will be withdrawn by the beneficiary from any Kotak ATM in India.
Right here is how Kotak cardless cash withdrawal facility works
- Kotak account holders want to go browsing to Kotak Web Banking or the Cell Banking app and register the beneficiary’s identify, cell quantity and handle.
- This beneficiary registration is a one-time course of solely and may also embody personal identify and particulars for the self-withdrawal possibility.
- As soon as a beneficiary is efficiently registered, IMT will be initiated by Web Banking or Cell Banking by coming into the quantity to be remitted and setting a sender’s code.
- After IMT is created efficiently, the beneficiary can withdraw cash from any Kotak ATM in India by deciding on the choice of cardless cash withdrawal (IMT) on the ATM display.
- The beneficiary will have the ability to withdraw cash by coming into his/her cell quantity, sender and SMS codes and the precise cash quantity.
“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,” Puneet Kapoor, President – Merchandise, Alternate Channels and Buyer Expertise Supply, Kotak Mahindra Bank stated.