Thursday, August 31, 2023

Kotak Mahindra Bank Ups The Ante With the Digital Rupee App

* Adds CBDC - UPI Interoperability to Ease Day-To-Day Customer Convenience

* Customers can now conveniently use the Digital Rupee (e) app to scan any QR code at merchants for groceries & daily payments.

Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) today announced the introduction of a UPI interoperability feature on its Digital Rupee (e?) application as a part of the RBI’s CBDC pilot project. With this, e? app users can now scan any QR code at merchants to make payments for groceries and daily expenses. This feature will empower customers to make payments on the existing UPI QR codes available at merchants. As on date, the feature is Live for Android users.

The ‘e?’ app allows users to make transactions without disclosing bank account details, supports easy transfers, decluttering the bank statements to ensure a safe and regulated interface, making the experience seamless.

Virat Diwanji, Group President & Head Consumer Bank, Kotak Mahindra Bank said, “We are proud to introduce the CBDC-UPI Interoperability feature that will take us a step closer to strengthening the vision of Digital India. With the e? application, our aim is to encourage a wider adoption of the Digital Rupee (e?). The convenience, safety and security provided through the application, will support a faster transaction, providing customers and merchants the opportunity to be a part of the digital revolution”. 

Till date, 13 banks have become part of RBI’s pilot initiative and users across 26 cities are given access on an invitation-only basis. Once the interoperability feature stabilizes, RBI may open up Digital Rupee (e?) for all in the near future. As per the RBI regulations, the Digital Rupee is a legal tender in India, and its interoperability with UPI will further bolster the adoption of digital currency.

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. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd (KMBL).

Kotak Mahindra Group (Group) offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life and general insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked.

Kotak Mahindra Group has a global presence through its subsidiaries in UK, USA, Gulf Region, Singapore and Mauritius with offices in London, New York, Dubai, Abu Dhabi, Singapore and Mauritius respectively. As on 30th June, 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,788 branches and 3,047 ATMs, and branches in GIFT City and DIFC (Dubai).

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