Which banks has become the first Destination Bank to launch debit card-based e-mandate on NPCI's API platform?
Options
A. ICICI Bank
B. Kotak Mahindra Bank
C. HDFC Bank
D. Axis Bank
Correct Answer
Kotak Mahindra Bank
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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