Latest news with #Solitaire
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Business Standard
3 hours ago
- Business
- Business Standard
Kotak Mahindra Bank targets affluent clients with 'Solitaire' launch
Kotak Mahindra Bank is intensifying its focus on the affluent segment with the launch of its new offering—'Solitaire'—an exclusive invitation-only programme aimed at offering top-tier privileges, access to advanced investment tools, and personalised services tailored for this customer base. According to the bank, eligibility is based on salaried individuals maintaining a relationship value of ₹75 lakh with the bank, and ₹1 crore for self-employed individuals. 'It's not about account balances—it's about total relationship value across deposits, investments, loans, insurance, and demat holdings offered by the bank, and it is calculated at a family level,' the bank said, adding that 'Solitaire' is available by invitation only. 'Customers are invited based on their relationship value and engagement across Kotak's ecosystem,' the bank said. The bank conducted a soft launch of the programme two and a half months ago and said it has received an encouraging response. 'We have pivoted from a product-centric organisation to being a customer-centric organisation, and the 'Solitaire' programme is our first scalable attempt to demonstrate that,' said Rohit Bhasin, president – head of affluent, NRI, and business banking, Kotak Mahindra Bank. 'It has been built across products that we have manufactured ourselves, and products that we distribute on behalf of our group companies and various other partners. We have a dedicated team of relationship managers who have been specially recruited and trained to manage this cohort of affluent customers—both those who exist in the bank today and those we will acquire over the next few years,' he added. According to him, less than 1 per cent of the bank's overall 53 million customers are from the affluent segment, yet they contribute over 35 per cent of the bank's overall business. Kotak's market share in the affluent segment is 4 per cent, compared to its 2 per cent share of the overall banking market. The bank aims to grow beyond 4 per cent with offerings like 'Solitaire'. 'We have a 4 per cent share in the affluent market. So, 96 per cent of the market is not with us but with other banks. That's the affluent ecosystem that exists, and it is growing at twice the rate of the non-affluent segment. Over the next five years, we see a huge number of affluent customers being created,' Bhasin said. Under 'Solitaire', the bank is offering ₹8 crore in pre-approved credit lines across home loans, personal loans, and credit cards. The 'Solitaire' credit card will feature no annual fees, unlimited lounge access, zero forex markup, among other benefits.
News18
4 hours ago
- Business
- News18
Kotak Mahindra Bank bets big on underserved affluent segment
Mumbai, Jul 23 (PTI) Private sector lender Kotak Mahindra Bank on Wednesday launched a programme for offering dedicated credit cards and loans to the 'underserved" affluent segment. The bank's head of affluent segment Rohit Bhasin said the segment, 'defined as ones with an overall relationship value between Rs 75 lakh to Rs 8 crore", is the fastest growing segment in the country but also 'underserved". Less than 1 per cent of the bank's overall 5.3 crore customers are from the affluent segment, and they contribute over 35 per cent of the overall business, he said. Bhasin said the bank's market share in the affluent segment is 4 per cent, as compared to its 2 per cent overall banking market share, and added that the aim is to grow on the 4 per cent with offerings like 'Solitaire'. The newly launched offering is by invite only, and does not come with any fees till the relationship value across products lines like borrowings, credit cards, mutual funds, demat accounts and insurance is maintained by the customer, Bhasin said, adding that charges will get triggered based on reviews. Under the new offerings, the bank is offering products like credit cards and specially-designed loans, and will also act as a distributor for group companies' products and services, Bhasin said. Without giving any business targets from the newly launched programme, he exuded confidence that it will be a profitable business to be in and added that the bank has piloted the offerings for over two months before the launch. Bhasin said the offering is also directed at the salaried and self-employed segments, and comes with a slew of features like pre-approved credit lines of up to Rs 8 crore across lending products and advantages for the family like lounge access at airports. PTI AA HVA view comments First Published: July 23, 2025, 17:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
5 hours ago
- Business
- Time of India
Kotak Bank launches solitaire programme for rich Indian families
Mumbai: Kotak Mahindra Bank has unveiled Solitaire, an exclusive, invitation-only banking initiative aimed at India's affluent households. Eligibility hinges on maintaining a relationship value exceeding Rs 75 lakh for salaried individuals and Rs 1 crore for the self-employed, which is across grouped family holdings. A unique feature is that, the programme permits the inclusion of up to 14 family members, offering one of the most expansive familial coverages in the domestic wealth management landscape. It offers a suite of financial privileges, including access to alternative investments, home loan benefits, premium credit cards, and personalised wealth management services. Members can invest up to $ 250,000 abroad annually and make outward remittances of up to $ 50,000 with relative ease. Kotak provides an invite-only Solitaire credit card that earns 10 air miles per Rs 100 spent on flight and hotel bookings through the Kotak Unbox platform. International spending is made cost-effective with a 0% forex markup. Members of the Solitaire program can be referred to investment opportunities such as Alternative Investment Funds (AIFs) through Kotak group companies. The program offers access to pre-approved home loans of up to Rs 7.5 crore, with a streamlined application process designed to reduce turnaround time. Financial flexibility is another key feature, with a pre-approved credit line of up to Rs 25 lakh, where interest is charged only on the amount utilised. The program also extends access to Kotak Life Insurance plans, including term and annuity products. A dedicated relationship manager is assigned to each member, offering personalised assistance across banking, investment, and insurance needs. The program includes enhanced banking facilities such as the ActivMoney feature, which automatically transfers idle balances above Rs 3 lakh into fixed deposits to earn higher returns. Members can also request Solitaire-branded debit cards and chequebooks, and extend credit card benefits to up to three family members. Eligibility for Kotak Solitaire is by invitation and is based on the individual or family's overall Relationship Value with the bank. This includes balances in savings and current accounts, fixed deposits, mutual funds, life insurance premiums paid, 30% of sanctioned loans (including home loans and working capital), and 30% of Demat holdings through Kotak Securities. The relationship value can be aggregated across family members, including spouse, children, parents, daughter-in-law, and minors (as non-primary holders). HUF accounts are eligible if the Karta is included, and CRNs for business accounts can be grouped if at least one partner, proprietor, or director is shared. Membership status is reviewed every six months. If the Relationship Value falls below the required threshold, Solitaire benefits may be withdrawn after prior notice. The Solitaire credit card's annual fee is waived as long as eligibility is maintained. If the member is downgraded and no longer qualifies, an annual fee of Rs 25,000 applies unless separate card eligibility criteria are met. The default threshold for ActivMoney is Rs 3 lakh, with sweep-ins directed to 180-day term deposits (or one-year deposits for NRE accounts). If an upgrade occurs, members must reset these thresholds manually. Insurance policies offered under the program are underwritten by Zurich Kotak Life Insurance and are not bank-guaranteed. The purchase of insurance products is entirely voluntary. All services, including credit facilities and investment referrals, are subject to the bank's discretion and governed by internal policies and applicable RBI regulations. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
8 hours ago
- Business
- Time of India
Kotak Bank launches new wealth management for big Indian families
Mumbai: Kotak Mahindra Bank has unveiled Solitaire, an exclusive, invitation-only banking initiative aimed at India's affluent households. Eligibility hinges on maintaining a relationship value exceeding Rs 75 lakh for salaried individuals and Rs 1 crore for the self-employed, which is across grouped family holdings. A unique feature is that, the programme permits the inclusion of up to 14 family members, offering one of the most expansive familial coverages in the domestic wealth management landscape. It offers a suite of financial privileges, including access to alternative investments, home loan benefits, premium credit cards, and personalised wealth management services. Members can invest up to $ 250,000 abroad annually and make outward remittances of up to $ 50,000 with relative ease. Kotak provides an invite-only Solitaire credit card that earns 10 air miles per Rs 100 spent on flight and hotel bookings through the Kotak Unbox platform. International spending is made cost-effective with a 0% forex markup. Members of the Solitaire program can be referred to investment opportunities such as Alternative Investment Funds (AIFs) through Kotak group companies. The program offers access to pre-approved home loans of up to Rs 7.5 crore, with a streamlined application process designed to reduce turnaround time. Financial flexibility is another key feature, with a pre-approved credit line of up to Rs 25 lakh, where interest is charged only on the amount utilised. The program also extends access to Kotak Life Insurance plans, including term and annuity products. A dedicated relationship manager is assigned to each member, offering personalised assistance across banking, investment, and insurance needs. The program includes enhanced banking facilities such as the ActivMoney feature, which automatically transfers idle balances above Rs 3 lakh into fixed deposits to earn higher returns. Members can also request Solitaire-branded debit cards and chequebooks, and extend credit card benefits to up to three family members. Eligibility for Kotak Solitaire is by invitation and is based on the individual or family's overall Relationship Value with the bank. This includes balances in savings and current accounts, fixed deposits, mutual funds, life insurance premiums paid, 30% of sanctioned loans (including home loans and working capital), and 30% of Demat holdings through Kotak Securities. The relationship value can be aggregated across family members, including spouse, children, parents, daughter-in-law, and minors (as non-primary holders). HUF accounts are eligible if the Karta is included, and CRNs for business accounts can be grouped if at least one partner, proprietor, or director is shared. Membership status is reviewed every six months. If the Relationship Value falls below the required threshold, Solitaire benefits may be withdrawn after prior notice. The Solitaire credit card's annual fee is waived as long as eligibility is maintained. If the member is downgraded and no longer qualifies, an annual fee of Rs 25,000 applies unless separate card eligibility criteria are met. The default threshold for ActivMoney is Rs 3 lakh, with sweep-ins directed to 180-day term deposits (or one-year deposits for NRE accounts). If an upgrade occurs, members must reset these thresholds manually. Insurance policies offered under the program are underwritten by Zurich Kotak Life Insurance and are not bank-guaranteed. The purchase of insurance products is entirely voluntary. All services, including credit facilities and investment referrals, are subject to the bank's discretion and governed by internal policies and applicable RBI regulations. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Wire
2 days ago
- Business
- Business Wire
PLAYSTUDIOS to Release Second Quarter 2025 Results August 4th
LAS VEGAS--(BUSINESS WIRE)-- PLAYSTUDIOS, Inc. (Nasdaq: MYPS) ('PLAYSTUDIOS' or the 'Company'), the creator of the playAWARDS loyalty platform and an award-winning developer of free-to-play mobile and social games that offer real-world rewards to players, today announced that it will release its second quarter 2025 results after the close of the market on Monday, August 4, 2025. The Company will host a conference call and audio webcast on Monday, August 4, 2025 at 5:00 pm Eastern Time to discuss the results. To listen to the audio webcast and live Q&A, please visit the PLAYSTUDIOS investor relations website at Interested parties may also dial (866) 405-1203 or for international callers, (201) 689-8432. An audio replay of the webcast will be available on the PLAYSTUDIOS investor relations website shortly after the call. About PLAYSTUDIOS PLAYSTUDIOS, Inc. (Nasdaq: MYPS), creator of the groundbreaking playAWARDS loyalty platform, is a publisher and developer of award-winning mobile games, including the iconic Tetris® mobile app, Solitaire, Spider Solitaire, and Sudoku, and its casino-style games such as myVEGAS Slots, myVEGAS Blackjack, myVEGAS Bingo, POP! Slots, MGM Slots Live, and myKONAMI Slots. The playAWARDS loyalty platform enables players to earn real-world rewards from a global collection of hospitality, entertainment, and leisure brands. playAWARDS partners include MGM Resorts International, Wolfgang Puck, Norwegian Cruise Line, Resorts World, IHG Hotels & Resorts, Bowlero, Gray Line Tours, and Hippodrome Casino among others. Founded by a team of veteran gaming, hospitality, and technology entrepreneurs, PLAYSTUDIOS apps combine the best elements of popular casual games with compelling real-world benefits. To learn more about PLAYSTUDIOS, visit
