Kotak bets big on Naari Shakti to ignite consumer demand and bring back the much needed animal spirits
Mumbai, 3rd October, 2019: As India’s festive season commences, and alongside concerted efforts by the Government of India and the Reserve Bank of India to give a boost to the economy with various monetary and fiscal stimulus measures, Kotak Mahindra Group (Kotak) today announced the launch of Kona Kona Khwaab Loan Utsav – a festive celebration across India with attractive rates and offers across their whole range of products in the consumer, agri and tractor loan segments.
To rekindle the much-needed animal spirits and boost consumer demand, Kotak is betting big on half a billion Indian women (Naari Shakti) who are the real decision makers for all home and household purchases. Women are around 50% of India’s population, but at present contribute to less than 20% of the formal GDP and make up less than 25% of the workforce. With preferential interest rates for women borrowers, in addition to special offers for all customers, this bumper consumer loans festival is aimed at meeting demand for credit as retail consumption picks up during the festive period.
Shanti Ekambaram, President – Consumer Banking, Kotak Mahindra Bank said, “We are a large consumer focused bank in the business of lending money prudently across geographies and customer segments. With sufficient liquidity in the system, the need of the hour is to reach out to consumers across the length and breadth of our country with easier access to credit to stimulate demand. Various research studies have shown that women are better at managing money – better savers and better borrowers. At Kotak, we strongly believe in the power of Naari Shakti, the backbone of the Indian economy and by backing women and improving their access to financial services, we believe Kona Kona Khwaab Loan Utsav will give a big boost to consumer demand and the economy.”
Kona Kona Khwaab Loan Utsav offers competitive rates, attractive offers and quick approvals on a range of consumer and agri loans, including car and two-wheeler loans, home loans, personal loans, consumer durable loans, agri business loans, tractor loans, gold loans, loans for small businesses, commercial vehicle loans and construction equipment loans.
“Over the last few months, the Indian economy was showing some signs of a slowdown. However, the Hon’ble Finance Minister Smt. Nirmala Sitharaman’s timely fiscal stimulus in the form of lower corporate taxes, significantly improves India’s competitive positioning, the investment climate and is a big sentiment booster. Combined with low inflation, which gives the RBI scope to further cut the policy rate, the twin benefits of the monetary and fiscal measures are gradually filtering down to consumers, leading to an increase in consumer confidence and revival in demand and credit growth,” added Ekambaram