Kotak Mahindra Bank has partnered with a fin-tech, Avenues India which offers payment gateway solutions. After this partnership, the bank will be able to provide instant forex remittance solution based on Aadhaar.
The remittance program will enable customers and non-customers to send money overseas online by logging into a dedicated portal. The transaction will be completed instantly and Aadhaar-based authentication will eliminate the need for another leg in the transaction.
With this partnership, Kotak Bank is targeting the outward remittance market which comprises the various heads. The heads include education, maintenance of close relatives, purchase of property, investment in overseas equity and in medical treatment. They are allowing customers to send up to ₹16 lakh and non-customers up to ₹7 lakh.
The bank is allowing customers to send up to ₹16 lakh and non-customers up to ₹7 lakh. The customers can initiate the process within their net banking services while non-customers can access the portal from the bank’s pre-log in the web page.