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Coimbatore, Feb. 14 Kotak Mahindra Bank has unveiled a slew of products from its stable. Among them is one for school fee remittance, which enables schools to pass on the task of fee collection to the bank.

“We launched this service a month back and the initial response has been good. Already 12 schools across the country have off-loaded the task of fee collection to us. We will send these schools periodic reports on the collections and the outstanding,” Mr K.V.S. Manian, Head (Retail Liabilities and Branch Banking), Kotak Mahindra Bank, told Business Line.

He added that the bank was focused on transaction account instead of just mopping-up term deposits.

Yet another product is GPRS-based mobile banking. Commenting on the product, Mr Manian said “mobile phones have become ubiquitous. And in GPRS-based mobile banking, there are enough challenges as the instrument or screen is not standardised”.

The bank has developed the application “along with a vendor”, Mr Manian said, and pointed out that the GPRS-based mobile banking product was instrument-independent and independent of the service provider.

According to him, SMS-banking would become as common as ATM-banking over a period of time. Stating that many banks have already introduced the short-messaging concept to communicate to its customers though “not transaction banking on mobile phones” yet, he said that in GPRS-based mobile banking, Kotak Mahindra was taking measures to offer all that is applicable to net-banking.

The bank has piloted the product but restricted the offering to select customers. “Most tech-savvy and high-end customers carry a GPRS-enabled handset. Such customers need carry only the phone and not a laptop,” he added.

According to him, less than 40 per cent of the customers used the Net for banking, “yet we offer banking convenience to those who prefer such offerings. We are not charging them anything extra for this.”

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