Kotak Bank Launches Debit Card-Based e-mandate On NPCI’s API Platform

Kotak Mahindra Bank (Kotak) has launched the first debit card-based authentication solution on NPCI’s (National Payments Corporation of India) e-Mandate (electronic mandate) API (Application Program Interface) platform.

With this, it has become the first ever Destination Bank to go live with both Net Banking and Debit Card-based e-mandate authentication. The objective of this initiative is to enable Kotak customers to create electronic mandates, similar to the former e-NACH with Aadhaar + OTP via both debit card and net banking provision.

Source: The Hindu Business Line

Static/Current Takeaways Important for LIC AAO Exam:

  • Kotak Mahindra Bank MD & CEO: Uday Kotak, headquarters: Mumbai.
  • e-NACH: Electronic National Automated Clearing House; OTP: One Time Password.

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