OREANDA-NEWS. Kotak Mahindra Bank (KMB) has become India's first BFSI company to ever receive worldwide recognition at the prestigious Global Distribution & Marketing Innovation Awards by Efma and Accenture, in Barcelona, Spain. KMB's Jifi digital account won 'Best New Product' and was awarded runner up in 'Most Disruptive Innovator' category amongst over 600 case studies from 250 financial institutions across 69 countries.

The global program recognises financial services firms for the most innovative projects and initiatives in distribution and marketing.

Winners were selected by a combination of votes from a panel of judges composed exclusively of senior retail bankers from around the world and online votes from Efma members, which include 3,300 retail financial services companies in more than 130 countries.

Speaking on the occasion, Deepak Sharma, Executive Vice President and Head - Digital Initiatives, Kotak Mahindra Bank said, "We are excited to be India's first BFSI company to receive this global recognition. With Jifi, we have truly revolutionised conventional banking in India by seamlessly integrating it with popular social networking platforms. We will continue innovating in the digital banking space to delight our customers and the community with better banking solutions."

Established in 1985, the Kotak Mahindra group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, received banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank - Kotak Mahindra Bank Ltd (KMBL).

KMBL offers complete retail financial solutions for varied customer requirements. The Savings Bank Account goes beyond the traditional role of savings, and provides range of services through a comprehensive suite of investment services and other transactional conveniences like Online Shopping, Bill Payments, ASBA, Netc@rd, ActivMoney (Automatic TD sweep-in and Sweep-out) etc. Kotak's Jifi, a first-of-its-kind fully integrated Social Bank Account, redefines digital banking by seamlessly incorporating social networking platforms like Twitter and Facebook with mainstream banking.

KMBL also offers an Investment Account where Mutual Fund investments are recorded and can be viewed in a consolidated fashion across fund houses & schemes. Further, the Bank offers loan products such as Home Loans, Personal Loans, Commercial Vehicle Loans, etc. Keeping in mind the diverse needs of the business community, KMBL offers comprehensive business solutions that include Current Account, Trade Services, Cash Management Services and Credit facilities.

Kotak Mahindra Bank has over 641 branches and over 1,150 ATMs spread across 363 locations in the country. The Bank has the products, the experience, the infrastructure and most importantly the commitment to deliver pragmatic, end-to-end solutions that really work.

As a global not-for-profit organization, Efma brings together more than 3,300 retail financial services companies from over 130 countries. With a membership base consisting of almost a third of all large retail banks worldwide, Efma has proven to be a valuable resource for the global industry, offering members exclusive access to a multitude of resources, databases, studies, articles, news feeds and publications. Efma also provides numerous networking opportunities through working groups, online communities and international meetings.