Current Affairs - Banking - Discussion

Discussion :: Banking - Latest Current Affairs (Q.No.182)

182. 

Which banks has become the first Destination Bank to launch debit card-based e-mandate on NPCI's API platform?

[A]. ICICI Bank
[B]. Kotak Mahindra Bank
[C]. HDFC Bank
[D]. Axis Bank

Answer: Option B

Explanation:

The Kotak Mahindra Bank (KMB) has become the first Destination Bank to go live with Net Banking and Debit Card-based authentication solution on NPCI's e-Mandate API platform. The facility will enable its customers to create electronic mandates (similar to the erstwhile eNACH with Aadhaar + OTP) via both the Debit Card and Net Banking channels. This allows Kotak to go live as a sponsor or acquirer bank for corporates and merchants seeking recurring payments. In a first-of-its-kind initiative in the industry, customers can register both physical and e-mandates on a single platform with validation on the mandate fields to remove rejections on account of various reasons.

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