Kotak Mahindra: Overflow debits from a/cs modify
Kotak Mahindra Bank Limited is an Indian private sector bank. Moreover, it offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management.
Meanwhile, Kotak said that wrongful claims by a public sector bank on debit cards used on its Point of Sale (POS) workstation have resulted in excess debits on its customer accounts.
Kotak replied to a query by ET after Twitter users complained of excess debits from their accounts.
On the other hand, “a PSU bank has claimed wrong amounts in the agreement file for card transactions done at merchant establishments managed by the PSU bank’s POS. Moreover, this has resulted in excess debit from customers’ bank accounts on 8th March. All such excess debits have already been reversed”, Rohit Rao, Chief Communication Officer, Kotak Mahindra Group said without naming the bank.
On Monday evening, Kotak account holders took to Twitter to complain about the sudden loss from the bank accounts. Moreover, Huge technical glitch in Kotak Bank, it seems Rs. 81,972 debited from my account.
Meanwhile, the call center except says ppl have lost Rs. 6 lakh+ or Rs. 1 lakh+, so I shouldn’t worry. Wait for 24 hours, Ravi Joshi said.
Moreover, on Friday Kotak Mahindra Bank said it has divested a 10 percent stake in ECA Trading. Services to one of its branches for nearly Rs. 2 crores. While Kotak Mahindra Bank has sold 1,09,48,925 equity shares of Rs.10 each of ECA Trading. However, it’s Services Limited to Kotak Securities at a consideration of Rs. 1.98 crore, it said in a regulatory filing.
The privation, Kotak said, was down to comply with the sensible limit. It is indicating by the Reserve Bank of India on investment in a non-financial services entity.