Cardless Cash Withdrawal from ATM: How this Kotak Mahindra exclusive works

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Cardless Cash Withdrawal from ATM: How this Kotak Mahindra Bank exclusive works

Kotak customers can initiate the transaction through the Kotak Net Banking or Mobile Banking platform

Monday August 24, 2020 6:56 PM, IANS

Mumbai: In yet another innovation during Covid-19 times, Kotak Mahindra Bank (Kotak) on Monday launched the Cardless Cash Withdrawal Facility through ATMs.

Under this unique facility, Kotak account holders can make cash withdrawals as well as remit money to beneficiaries across India without using a physical debit card.

How it works

Using their registered mobile number with the bank, Kotak customers can 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 The cash can be withdrawn by the beneficiary from any Kotak ATM in India.

To withdraw cash, all that a registered beneficiary would need to do is to enter his/her mobile number, sender and SMS codes and the exact cash amount. This would immediately trigger cash withdrawal from a Kotak Bank ATM. An account holder can also withdraw cash using similar feature.

"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," said Puneet Kapoor, President - Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank.

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