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All sectors of the Government have unique needs. Instead of a one-size-fits-all product, we provide tailored and innovative solutions to help the various government segments for example, Central government, local agencies, Government departments, defence bodies etc.

Transaction Banking Solutions

India's strength is in its size. However, the vast terrain also throws up some challenges. Add to that a complex financial clearing system and it makes the process of collections and payments across locations complicated. This is why Kotak’s transaction banking solutions have been designed to ensure quick transfers, faster realisation of local and outstation cheques, easy disbursements, account reconciliations, controlled process and customised Management Information System (MIS).

To simplify your needs and match them with our offerings, we offer you a full suite of Cash Management Services (CMS)::

Payments Management
Collections Management
Reconciliation Management

Credit IT: Payments and Collection

Kotak Mahindra Bank provides tax collection services through multiple mediums depending on your needs. Our collection management services are based on robust technology capable of handling all this with ease and simplifying transactions either directly or through agency banks.

Collections:

Setting up payment gateway for respective departments' websites to receive online collections through Debit card, Credit card, Net banking and e-Wallet
The gateway offers a completely secure, real time solutions
Eliminates the need for accepting/depositing cash/cheque and enable receipt of payments in your bank account with a detailed Management Information System (MIS)
Online customised dashboard for reconciliation

Remit IT: Outward Remittance

Kotak Mahindra Bank's Remit IT solution enables a full integration of the micro accounting platform of your department. This facilitates straight through processing in a secure environment. It also provides maintenance for a predefined set of beneficiaries and a flexible authorization matrix.

Benefits:

Single payment file, completely customizable, inclusive of all products
Single window for all payment types — electronic and paper based
Online 24X7 access to user interface to initiate transactions, receipt generation and comprehensive MIS
Secured platform with a robust 128 bit SSL security
User friendly functions and facility to download reports
Provision for mass transaction as well as priority/urgent payments
Multiple authorisation levels and Maker/Checker mechanism to mitigate risks

Trade and Foreign Exchange:

Kotak Mahindra Bank has a well-trained team to take care of the Trade and Foreign Exchange services. We offer the following services:

Bank guarantee (Foreign & Inland)
Letter of credit (Foreign & Inland)
Foreign exchange services — Remittances, multi- currency travel card, currency (Buy & Sell)
Export bills (Collection, Negotiating, Discounting)
Import bills (Collection & Discounting)
Buyers's credit
Forward credit

Channels for Tax Collection:

Depending on your need, you can choose from the multiple mediums of tax collection services offered by Kotak Mahindra Bank:

EDC machine: Facility of installing Electronic Data Capture (EDC) machines accepting all VISA/Master/Debit/Credit cards for payments
Mobile App
Cash & cheque deposit machines
Payment gateway on website
Accepting cash, cheque and fund transfer instructions of all types of collection through retail branches using an over the counter (OTC) platform
Collection of tax at customers’ premises

Cash Management Services:

To meet the unique needs of your business, Kotak Mahindra Bank offers the best in class Cash Management services (CMS), made fully flexible for you:

Cash and cheque collection from various locations
Time-bound speedy realisations
Vast network with inter connectivity
Free cheque pick up
Deposit of all cheques in one place
Minimal cost
Daily MIS
Pre-filled cheque book for customers where the payee name and amount are pre-filled, making it convenient, time saving and hassle free

*Facility of NEFT/RTGS in CMS through the Maker/Checker concept

Reconciliation: Strong MIS capability

The benefits of this services are:

Real time MIS
MIS can be customised and delivered through multiple channels
All details of your remitters are reflected in this MIS
MIS required for account reconciliation with speed and accuracy
Secured online web interface with MIS and integration capabilities

Kotak Mahindra Bank provides a host of services for Housing Board/Authorities

Facilitate the sale of housing scheme forms and collection of Earnest Money Deposit (EMD)
Providing customized MIS of applicants who have applied for the housing schemes
Online and offline collection of post allotment instalments from the successful applicants
Reconciliation of the funds which are collected online and offline
Refund of Earnest Money Deposit (EMD) to applicants who have not been allocated the houses by way of demand draft/cheque/NEFT/RTGS
Facilitate online portal to apply for the housing scheme

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