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Outward Forex Remittance Service of Kotak Mahindra Bank

Published on February 16, 2021
Current Context: India’s one of the leading private sector bank, Kotak Mahindra Bank launched its outward forex remittance service called ‘Kotak Remit’.
Outward Forex Remittance Service of Kotak Mahindra Bank
  • This service will allow the customers to directly send money to their loved ones living abroad from their phones.
  • The bank has rolled out this feature on the Kotak Mobile Banking App.
  • In order to use this service, the customers will not have to perform any physical documentation work for up to amount of $25,000.
  • The Kotak Remit offers remittances in 15 currencies.
  • To use the feature, the customer will have to login into the app, then enter the transfer details and beneficiaries details and upon verification, the amount will be sent to the end-user living abroad.
  • Through Kotak Remit, customers can remit up to USD 25,000 or equivalent per day and up to USD 250,000 or equivalent in a financial year.
  • Static Part: 
    • HQ of Kotak Mahindra Bank: Mumbai
    • MD and CEO of Kotak Mahindra Bank: Uday Kotak

Question: 

Q.1 What is the name of outward forex remittance service rolled out by Kotak Mahindra Bank on its mobile banking app?
a. Kotak Abroad
b. Kotak Transfer
c. Kotak Remit
d. None of the above
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