On February 15, 2021 Kotak Mahindra Bank Ltd launched its outward forex remittance service, Kotak Remit. In an industry-first move, Kotak Remit is live on the Kotak Mobile Banking App. With this the Kotak Mahindra Bank’s customers for the 1st time can transfer the money internationally to their beneficiaries from their mobile.
Highlights about Kotak Remit
No physical documentation upto a Certain Amount
No physical documentation is required for transactions up to US$ 25,000 or equivalent, with Kotak Remit
It offers remittances in 15 currencies.
Through the Kotak Remit, Customers can remit upto US$ 25,000 or equivalent per day and up to US$ 250,000 or equivalent in a financial year.
Note: It caters to the growing mobile-first preferences of customers
Info about Outbound Remittances:
i.The outbound remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals has declined for FY 21 due to pandemic.
ii.Remittance from India has been constantly growing prior to FY 2020-21.
iii.In 2019-20, outbound remittances from India grew by about 36% from about USD 13.8 billion in 2018-19 to about USD 18.8 billion in 2019- 20.
Recent Related News:
On May 19, 2020, In view of the ongoing lockdown in the country due to Coronavirus (COVID-19), Kotak Mahindra Bank has become the 1st bank in India to allow video Know your customer (KYC) facility for its customers openingsavings account (SA) on Kotak 811 platform.
About Kotak Mahindra Bank Limited:
i.Kotak Mahindra Finance Ltd(KMFL) was established in 1985
ii.In February 2003, KMFL received banking license from the Reserve Bank of India (RBI), becoming the 1st non-banking finance company in India to convert into a bank – Kotak Mahindra Bank Ltd
Founder, MD & CEO– Uday Kotak
Head Office– Mumbai, Maharashtra