Kotak Bank has announced a significant change in its credit card offerings, affecting customers of the Myntra Kotak Credit Card. The bank is set to discontinue this co-branded card effective July 10, 2023, and will automatically transition existing cardholders to the Kotak League Platinum Credit Card.

Key Points of the Transition

• Discontinuation Date: The Myntra Kotak Credit Card will cease to exist from July 10, 2023.
• Automatic Migration: Current Myntra Kotak Credit Card holders will be seamlessly transferred to the Kotak League Platinum Credit Card.
• Annual Fee: The annual fee for the new card remains unchanged at ₹499.00.

Action Required by Cardholders

Kotak Mahindra Bank has advised its customers to take the following steps:

1. Update Automatic Payments: Cardholders should review and update any automatic payments or standing instructions linked to their Myntra Kotak Credit Card.
2. Review New Features: Customers are encouraged to familiarize themselves with the features and benefits of the Kotak League Platinum Credit Card, as they may differ from those of the Myntra co-branded card.

This move by Kotak Mahindra Bank marks the end of its partnership with Myntra for the co-branded credit card. While the bank ensures a smooth transition for its customers, the change may impact those who specifically chose the card for Myntra-related benefits.

Cardholders should expect to receive detailed communication from Kotak Mahindra Bank regarding this transition, including any changes in terms and conditions, rewards programs, and card usage guidelines. It's advisable for affected customers to closely monitor their account statements and any notifications from the bank during this transition period.

As the financial landscape continues to evolve, such changes in credit card offerings are not uncommon. Banks often reassess their partnerships and product lines to align with market demands and strategic objectives. For Kotak Mahindra Bank, this move could signify a shift in its credit card strategy or a realignment of its co-branding partnerships.

Customers with questions or concerns about this transition are likely to be directed to contact Kotak Mahindra Bank's customer service for personalized assistance and further clarification on how this change might affect their individual accounts.

Kotak Bank , one of India's leading private sector banks, has released its business update for the first quarter, showcasing robust growth in both deposits and advances.

Deposit and Advance Growth

The bank reported impressive growth in its deposit and advance base:

• Total deposits increased by 14.60% year-over-year (YoY) to ₹5.13 lakh crore.
• Total advances grew by 14.00% YoY to ₹4.45 lakh crore.

This substantial growth in deposits and advances indicates strong customer confidence and the bank's ability to attract funds and expand its lending activities effectively.

CASA Deposits and Credit-to-Deposit Ratio

However, the bank faced some challenges in certain areas:

• CASA (Current Account Savings Account) deposits declined by 2.20% quarter-over-quarter (QoQ).
• The CASA ratio fell to 41.00%.
• The credit-to-deposit ratio rose to 86.70%.

Analyst Outlook

Despite the mixed results, analysts maintain a positive outlook on Kotak Mahindra Bank:

• Morgan Stanley reiterated its 'Overweight' rating.
• Jefferies reaffirmed its 'Buy' rating.

Market Response

The market responded positively to the Q1 business update, with Kotak Mahindra Bank's shares surging 4.00%.

As the fiscal year progresses, stakeholders will be keen to see if Kotak Mahindra Bank can maintain this growth momentum and how it translates into the bank's overall financial performance and market position.