Kotak Mahindra Bank : Partners with PUNGRAIN to Launch Arhtia Special

Media Release

Kotak Mahindra Bank Partners with PUNGRAIN to LaunchArhtiaSpecial

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Will enable paperless, seamless transactions across 350 mandis in Punjab with Arhtia current account and debit card

Chandigarh, September 18, 2018:Kotak Mahindra Bank (Kotak) today announced its collaboration with Punjab Grains Procurement Corporation Limited (PUNGRAIN) to facilitate card-based payments for its commissioned agents known asArhtiasspread over 350 mandis in Punjab. As an empanelled bank of the Procurement Payment Portal, Kotak can enable paperless and seamless transactions for theArhtiaswith a specially curated current account and debit card.

Puneet Kapoor, Senior Executive Vice President, Kotak Mahindra Bank said"We are delighted topartner with Punjab Grains Procurement Corporation Limited. It gives us an opportunity to work with theArhtiacommunity in Punjab, and help facilitate smooth, paperless, card-based payment transactions throughArhtiaSpecial. We can now offer a wider range of financial services and products to theArhtiacommunity as well as farmers intheir network."

"Kotakcannow issue 'RuPay Debit Card' to theArhtiacommunity for grains trading. The RuPay chip debit card will be issued when anArhtiaopens a current account, and everyArhtia's code will beencoded in the magnetic stripe on their respective card. The debit card will enableArthiasto receive payment for grains transacted at a mandi," added Kapoor.

Shri Vijay Kalra, President, Federation of Arhtia Association (Punjab State)said "It is our privilege tobe associated with Kotak Mahindra Bank for theArhtiaCard. We are confident that the bank will offer a comprehensive solution to theArhtiacommunity, in addition to a wide range of products and services.Arhtiascan now fulfil all their banking requirements through Kotak Mahindra Bank. We wish Kotakgood luck in this new initiative."

The RuPay Debit Card offered toArthiashas multiple features including unlimited withdrawals free of cost at Kotak ATMs, purchase protection of up to Rs. 50,000, lost card liability of up to Rs. 1,00,000, daily ATM withdrawal limit of Rs. 40,000 and daily purchase limit of Rs. 1,00,000. It also comes with personal accident insurance of Rs. 1,00,000 covering both accidental death and total permanent disablement.

The card will also be offered to existingArhtiaKotak current account holders.

About Kotak Mahindra Bank Limited

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd.

Effective April 1, 2015, ING Vysya Bank Ltd. merged with Kotak Mahindra Bank Ltd. As on June 30, 2018, Kotak Mahindra Bank Ltd, has a national footprint of 1,391 branches and 2,231 ATMs.

The Bank has four Strategic Business Units-Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India.

For more information, pleasevisit the company's website athttp://www.kotak.com/

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