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Kotak Mahindra Bank Launches Cardless Cash Withdrawal Facility Through ATMs | Fintech Finance

August 27 2020

Kotak Mahindra Bank Launches Cardless Cash Withdrawal Facility Through ATMs

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Kotak Mahindra Bank (Kotak) today announced the launch of the Cardless Cash Withdrawal Facility through ATMs (Instant Money Transfer – IMT). The facility empowers Kotak accountholders to make cash withdrawals as well as remit money to beneficiaries across India without using a physical debit card.

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  The cash can be withdrawn by the beneficiary from any Kotak ATM in India.

Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank said, “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.”

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