Kotak Interbank Mobile Payment Service wins Product Excellence Award

Company Brief

Mumbai, May 26, 2011

Kotak Mahindra Bank Ltd. (KMBL), one of India’s leading private banks, received the Product Excellence Award at the prestigious Banking & Payments Asia (BPA) Trailblazer Awards 2011 for Kotak Mobile Banking - Interbank Mobile Payment Service (IMPS). Through this facility customers enjoy 24x7 instant fund transfers across banks, enabling the beneficiary to avail the credit immediately. IMPS is powered by the National Payment Corporation of India (NPCI).The umbrella organization for all retail payment systems in India which also governs the modalities of the IMPS payments.

Speaking on the occasion, Ms. Shalini Mehta, Executive Vice President, Kotak Mahindra Bank said, “We are extremely delighted to receive this prestigious award from Banking & Payments Asia. IMPS is a facility that revolutionizes money transfer in the retail payment sector. With the explosion of mobile penetration in the country, this service is set to benefit all banking customers at large. The award is a testimony to our commitment to provide simple and easy financial solutions to our customers. It would not have been possible without the vision, support and robust platform provided by NPCI.”

The BPA Trailblazer Awards highlight and recognize outstanding financial institutions that have exhibited a degree of innovation and enterprise in product development (including implementation, outcome and results) service delivery or process improvement. 67 submissions from 15 countries across Asia Pacific were evaluated as part of the BPA Trailblazer Awards 2011.

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