Kotak Bank has announced a significant change in its credit card portfolio, affecting customers who hold the Myntra Kotak Credit Card. The bank has decided to discontinue this co-branded credit card effective July 10, marking the end of its partnership with the popular e-commerce fashion platform Myntra.

Transition Plan for Existing Cardholders

Kotak Mahindra Bank has outlined a transition plan for existing Myntra Kotak Credit Card users. Cardholders will not be left without options, as the bank plans to migrate them to alternative credit card products within its lineup. The two cards that have been designated as replacements are:

1. Kotak League Platinum Credit Card
2. Kotak Zen Credit Card

These new cards come with their own set of features, rewards, and benefits, which may differ from those offered by the Myntra Kotak Credit Card.

New Reward Structures and Benefits

While specific details about the reward structures of the Kotak League Platinum and Kotak Zen credit cards were not provided, the bank has indicated that these cards offer different benefits compared to the Myntra card. Customers can expect changes in areas such as:

• Reward point accumulation rates
• Redemption options
• Specific perks and privileges
• Annual fees and charges

Options for Cardholders

Kotak Mahindra Bank is providing flexibility to its customers in light of this change:

1. Automatic Transition: Cardholders can choose to be automatically transitioned to either the Kotak League Platinum or Kotak Zen credit card.

2. Alternative Selection: Customers have the option to explore and select from other credit card products offered by Kotak Mahindra Bank that may better suit their needs and spending patterns.

3. Opt-Out Option: For those who do not wish to continue with a Kotak credit card, the bank is offering the choice to opt out of credit card membership entirely.

Impact on Myntra Partnership

The discontinuation of the Myntra Kotak Credit Card suggests a shift in the partnership between Kotak Mahindra Bank and Myntra. While the reasons for this change have not been explicitly stated, it reflects the dynamic nature of co-branding agreements in the financial services sector.

Kotak Mahindra Bank customers are advised to review the features of their new cards once the transition takes place and consider how these changes align with their financial needs and shopping preferences. The bank is likely to communicate directly with affected cardholders to ensure a smooth transition and address any concerns regarding the upcoming changes.

Major Block Trade Executed for Kotak Mahindra Bank Shares

A substantial block trade involving Kotak Bank shares was executed on the National Stock Exchange (NSE) on Tuesday. The transaction, which involved approximately 440,164 shares of the private sector lender, was valued at Rs. 96.08 crores.

Transaction Details

The block trade was carried out at a price of Rs. 2,182.80 per share, reflecting current market valuations for the bank's stock. This significant transaction highlights continued interest in Kotak Mahindra Bank's shares among institutional investors.

Impact and Significance

Block trades of this magnitude are often indicative of institutional activity in the market. Such transactions can sometimes influence short-term price movements and are closely watched by market participants for insights into institutional sentiment.

While the specific parties involved in this block trade have not been disclosed, such transactions are typically executed between large institutional investors or high net-worth individuals.

About Kotak Mahindra Bank

Kotak Mahindra Bank is one of India's leading private sector banks, offering a wide range of banking products and financial services for corporate and retail customers. The bank has a strong presence in various segments of financial services, including commercial banking, investment banking, stock broking, and asset management.

Investors and market analysts will likely monitor any potential impact this block trade may have on Kotak Mahindra Bank's stock price and trading volumes in the coming days.