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Kotak Mahindra Bank : Reaches One Million FASTags Milestone

11/29/2021 | 05:30am EST

Media Release

Kotak Mahindra Bank Reaches One Million FASTags Milestone

Mumbai, 29th November, 2021: Kotak Mahindra Bank Ltd (KMBL) today announced that it has reached a significant milestone of issuing one million FASTags, as per the latest data released by payments regulator, National Payments Corporation of India (NPCI). This accomplishment also makes KMBL the fourth largest FASTag issuer in the month of October 2021. In February 2021, the government directed that all lanes in toll plazas at national highways be declared FASTag lanes and made FASTag-mandatory for all vehicles.

The noteworthy feat comes on the back of KMBL's consistent efforts in ensuring easy digital issuance journeys and radical changes in its distribution network across online and offline platforms to keep up with the new normal. Both commercial and passenger vehicle owners helped KMBL reach this pedestal.

Puneet Kapoor, President - Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank said, "We are grateful to our customers for trusting us and banking on us as their 'travel buddy'. Our smooth digital interfaces, easy accessibility to agents, and customised solutions for customers have made us the preferred choice for our customers. Kotak NETC FASTagalso offers a wide range of attractive offers."

Benefits of Kotak NETC FASTags:

  • Seamless and contactless digital issuance journey
  • Ease of FASTag rechargethrough the Kotak Mobile Banking App
  • A do-it-yourself journey through KMBL's website
  • Balance enquiry through SMS
  • Video KYC is also available
  • E-vouchersreceived by customers on availing Kotak NETC FASTags can be redeemed for e- gift cards from a host of brands. This offer is available till December 31, 2021.*

*Terms & Conditions apply

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.

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. The premise of Kotak Mahindra Group's business model is concentrated India, diversified financial

services. The bold vision that underscores the Group's growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 30th September, 2021, Kotak Mahindra Bank Ltd has a national footprint of 1,622 branches and 2,601 ATMs, and branches in GIFT City and DIFC (Dubai).

For more information, please visit the company's website at https://www.kotak.com/.

For further information, please contact:

Phiroza Choksi

Sakshi Denis

Rakesh Sharma

Himadri Buch

Kotak Mahindra Bank

Kotak Mahindra Bank

Fortuna PR

Fortuna PR

Mobile: +91 98203 63681

Mobile: +91 70454 74287

Mobile: +91 98335 37679

Mobile: +91 98203 46715






Kotak Mahindra Bank Limited published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 10:29:01 UTC.

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Net income 2022 116 B 1 555 M 1 555 M
Net Debt 2022 - - -
P/E ratio 2022 32,4x
Yield 2022 0,06%
Capitalization 3 753 B 50 465 M 50 484 M
Capi. / Sales 2022 7,83x
Capi. / Sales 2023 7,14x
Nbr of Employees 73 000
Free-Float 70,5%
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Technical analysis trends KOTAK MAHINDRA BANK LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 33
Last Close Price 1 891,80 INR
Average target price 2 166,45 INR
Spread / Average Target 14,5%
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Uday Suresh Kotak Chief Executive Officer, Joint MD & Director
Dipak Brijmohandas Gupta Joint Managing Director & Director
Devang Gheewala Co-President & Chief Operations Officer
T. V. Sudhakar Co-President & Head-Compliance
Jaimin Mukund Bhatt Group Chief Financial Officer & Group President
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