Current Affairs - Banking - Discussion

Discussion :: Banking - Latest Current Affairs (Q.No.189)

189. 

The first Destination Bank to launch debit card based e-mandates On NPCIs E-Mandate API Platform.

[A]. Syndicate Bank
[B]. IDBI Bank
[C]. RBL Bank
[D]. Kotak Mahindra Bank

Answer: Option D

Explanation:

Kotak Mahindra Bank is the first debit card based authentication solution on NPCI's (National Payments Corporation of India) e-Mandate (electronic mandate) API (Application Program Interface) platform first ever Destination Bank to go live with both Net Banking and Debit Card-based e-mandate authentication. The main objective of this initiative is to enable Kotak customers to create electronic mandates (similar to the former eNACH with Aadhaar + OTP) (eNACH- Electronic National Automated Clearing House; OTP- One Time Password) via both debit card and net banking provision. As API based e-mandates are customer-friendly, fast, frictionless and paperless, the initiative would help in making its customers' lives hassle free for handling recurring payments.

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