Kotak Mahindra Bank Launches nationwide initiative for adoption of digital banking in India

by Shrutee K/DNS

Mumbai, December 8, 2016: Kotak Mahindra Bank announced the launch of a nationwide initiative for adoption of digital banking in India. After having introduced several pioneering digital offerings, Kotak has now taken up the mantle to drive adoption of digital banking through Kona Kona Cashfree, which is in line with Honb’le Prime Minister Shri Narendra Modi’s vision of Digital India.  The idea of Kona Kona Cashfree is to replace the psychological assurance of cash with alternate transaction options like Mobile Banking, Net Banking, Credit / Debit Cards, etc. Kotak’s strong lineup of products in its digital portfolio including its mobile banking app, Kotak Bharat – India’s first multi lingual banking app that does not require internet connectivity, KayPay – the bank-agnostic UPI app, and plastic offers a complete array of solutions for varying customer segments.

Dipak Gupta, Jt. Managing Director, Kotak Mahindra Bank, said, “Brick and mortar branches will coexist with digital banking. But digital banking is the future. We are at the cusp of a new India. Given the evolving ecosystem, Kona Kona Cashfree aims to accelerate the pace of digital banking adoption in India. We want all our customers, and the population at large, to understand the range of available digital offerings and get comfortable using them.” 

“Each branch of Kotak has a dedicated officer to assist and educate customers visiting the branch on various digital solutions available. We want to assure our customers that their money remains safe with the Bank, and they can continue to lead their life Cashfree”, Gupta added.

To encourage and promote Cashfree transactions, Kotak is giving incentives to customers to do Cashfree transactions using either mobile banking app, KayPay, Kotak Bharat banking app, net banking, debit card or credit card. To avail of these incentives, they need to submit their unique Cashfree transaction stories, where they have helped someone go Cashfree. The incentives include BookMyShow vouchers Kotak Best Compliments Gift Cards, and a Renault Kwid car.

Every such customer will get a digital certificate. Furthermore, on behalf of customers who make three transactions across the Cashfree mediums during the contest period, Kotak will contribute Rs 10/- towards a social cause.

To evangelize cash free living at the grass root level, Kotak has engaged Pankaj Trivedi, a professional motorcyclist to travel across India without cash. Pankaj will commence his journey from Mumbai; he will travel through North, East and South India before completing his journey in Goa. Throughout this expedition, Pankaj will not use cash and rely solely on digital and plastic money. His experiences across the country will be shared as Kona Kona Cashfree Diaries via social media.

About Kotak Mahindra Bank Limited: Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd., the Group's flagship company, received banking license from the Reserve Bank of India, becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd. Effective April 1, 2015, ING Vysya Bank Ltd. merged with Kotak Mahindra Bank Ltd. As on September 30, 2016, Kotak Mahindra Bank Ltd. has a national footprint of 1,336 branches and 2,044 ATMs spread across 702 locations.

The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India. For more information, please visit the company’s website at http://www.kotak.com/