Private sector lender, Kotak Mahindra Bank has reportedly unveiled its financial inclusion programme across 75 milk cooperative societies of Amul in West Bengal. This programme was rolled out across the districts of Burdwan and Hooghly. It will provide direct transfer of money to dairy farmers' prepaid cards for their daily produce. For that, the bank has tied up with National Payment Corporation of India (NPCI) for using their RuPay platform for issuing the prepaid cards.
The money transfer process will take place within the same day. Earlier, it will take three days to receive payment for their daily produce. Over three lakh dairy farmers across 1,200 cooperative societies in the State will be part of the programme.
Kotak Mahindra Bank has reported 25.74% rise in its net profit at Rs 352.54 crore for the quarter as compared to Rs 280.38 crore for the same quarter in the previous year. Total income of the bank has increased by 13.56% at Rs 2469.46 crore for quarter under review as compared to Rs 2174.50 crore for the quarter ended September 30, 2012.
