Kotak Mahindra Bank announces launch of Kotak Remit on mobile
Kotak Mahindra Bank on Monday announced the launch of its outward forex remittance service, Kotak Remit, on mobile that will allow users to send money abroad directly from their mobile phones.
The outward forex remittance solution is live on the Kotak Mobile Banking App.
For the first time, Kotak customers can conveniently transfer money internationally to their beneficiaries straight from their mobile, Kotak Mahindra Bank said in a release.
The private sector lender said that it is an industry-first move, and customers will not have to furnish any physical documents for transactions up to $25,000 or equivalent seamlessly to permissible geographies across the world.
"The mobile has been at the centre of a revolution of sorts and it has changed the way we bank, invest, shop and pay.
"Domestic payments has been one of the core areas of focus. With the launch of Kotak Remit on mobile, we have entered a new phase of digital transformation encompassing international payments, which gives our customers the advantage of banking on mobile for making international fund transfers as well,” said Phani Shankar, President & Co-Head – Treasury & Global Markets, Kotak Mahindra Bank.
Kotak Remit offers remittances in 15 currencies including the US dollar, Australian Dollar, UK Pound Sterling, Hong Kong Dollar, Saudi Riyal, Canadian Dollar, Singapore Dollar, Euro, Japanese Yen.
By entering transfer details and beneficiary details, customers can remit up to $25,000 or equivalent per day and up to $250,000 or equivalent in a financial year through Kotak Remit.
Customers will receive a notification at every stage of the transaction process, keeping them updated and can also save beneficiary details to facilitate quick repeat remittances.
While outbound remittances under the Liberalised Remittance Scheme (LRS) for resident individuals has seen a decline this year owing to the pandemic, remittances from India have been consistently growing prior to FY 2020-21 and presents a significant market opportunity, said the bank.
In 2019-20, outbound remittances from India grew by nearly 36% to $18.8 billion in 2019-20, from $13.8 billion in 2018-19.
Enter your email to get our daily newsletter in your inbox
- Indian Institute of Science in Bangalore retained its ranks for Materials Science (78th) and Chemistry (93rd).
- India’s vaccination campaign ramped up on Monday, with people above the age of 60, and individuals 45 or older suffering from certain medical conditions, now eligible for shots.
- The company, which relies heavily on digital advertising using user data, said it will not track individual-level data such as personally identifiable information (PII) graphs based on people’s email addresses.
- In comparison, PMI for the manufacturing sector had fallen marginally to 57.5 in February from 57.7 a month ago, data released on Monday showed.
- The Council is expected to meet this month, but a date is yet to be finalized, the first person said.
- Lawyers representing the consortium had earlier insisted that DGCA and the aviation ministry must follow the principle of historicity and grant slots to the revived Jet Airways.
- The Suzuki Motor Corp. unit has told its suppliers about its strategies, asking them to ramp up production, the people cited above said on condition of anonymity.
- The BSE Sensex gained 1,147.76 points or 2.28% to end at 51,444.65, while the Nifty surged 326.50 points or 2.19% to close at 15,245.60
- For those filing returns for FY20 in form ITR-1—people with income from salaries, one house property and farm income up to ₹5,000—the last date for filing was January 10, 2021.
- HDFC also outlined that the changes will affect customers who currently have availed home loan benefits from the lender.