Kotak has partnered with Ripple to accelerate cross-border remittances using RippleNet. Kotak plans on using their xCurrent settlement solution to process cross-border transactions in real time.
According to their media release available here:
xCurrent will enable Kotak to reduce the average time associated with remittance payments, to minutes, versus several days, instantly settling cross-border payments and tracking the entire transaction process from end-to-end. The lower fees associated with xCurrent payments also make regular, small inward payments possible at a better rate for Kotak customers.
Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank said, “We harness new technologies to simplify and enhance banking services for our customers. xCurrent ticks all the boxes, and enables us to offer our customers a more transparent and efficient global payments service using blockchain. Joining RippleNet also expands our payment network globally by allowing us to connect with other members,” added Sharma.
Navin Gupta, Managing Director of South Asia and MENA at Ripple, said: “The payments problem is a global problem, particularly for those in emerging markets trying to send regular, low-value remittances overseas. Kotak Mahindra Bank can offer its retail customers a step-change improvement in their inward remittance experience thanks to xCurrent, and we look forward to connecting them to other RippleNet members to expand their global remittance offering.”
This is an interesting development even as the bank was responsible for suspending accounts of certain exchanges in India. Seems as though their policies are lopsided to please the central bank of India-RBI.
I wouldn't recommend anyone to use Kotak for their crypto transactions. There are several other choices in public and private sector banks to choose from.
Banks maybe pro-blockchain but being anti-cryptocurrency implies they are also anti-decentralisation.
Anywho, earlier yesterday I've also written about Kotak Mahindra Bank shutting down customer account for trading in cryptocurrency. It's so ironic that this bank is pro-Ripple's technology while being so anti-cryptocurrency.
It would be good to make note of the fact that banks and the government in India, in general are pro-blockchain technology and anti-cryptocurrency.
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