Kotak Mahindra Bank (Kotak) announced earlier this week the launch of the Cardless Cash Withdrawal Facility through ATMs (Instant Money Transfer – IMT). According to Kotak, the facility empowers account holders to make cash withdrawals as well as remit money to beneficiaries across India without using a physical debit card.
Kotak further explained that by using their registered mobile number with the bank, customers may initiate the transaction through the Kotak Net Banking or Mobile Banking platform.
“The beneficiary need not be a Kotak customer and need not even have an account with any bank. The cash can be withdrawn by the beneficiary from any Kotak ATM in India.”
Speaking about the feature, Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank stated:
“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.”
Kotak then added that account holders need to log on to Kotak Net Banking or the Mobile Banking app and register the beneficiary’s name, mobile number and address. This beneficiary registration is a onetime process only and can also include own name and details for the self-withdrawal option.