Kotak Credit Cards, issued by Kotak Mahindra Bank, has bagged Product of the year award in the innovative products category. Product of the Year (PoY) awards 2008 were announced on January 17th.

Mr. Subrat Pani, Business Head - Kotak Credit Cards said, "We are indeed very happy to be the proud recipient of the country's Product of the Year Award. We consider this award special as Kotak Credit Cards has been designed on the basis of customer feedback which helped us form the three core tenets of our product - Relevant benefits, Simplified credit and transparent communication. This recognition fortifies our belief and endeavour of providing our customers with innovative and valuable services."

Kotak Credit Cards were launched in April 2008 and is an addition to the wide range of financial services offered by Kotak Group. It is the first vertical credit card in India that offers interest free cash withdrawals and auto encashment of reward points amongst along with the other benefits.

PoY is an independent survey on product innovation. It is a global consumer recognition standard that rewards the best innovations in retail products done through an independent consumer survey of consumers across the country.

POY provides a platform to the consumers to identify the best innovations in the market to manufacturers and it has been running in 28 countries for the last 20 years.

The concept has been introduced in India and the management plans to cover mobiles, electronics, durables, appliances and credit cards at this stage.

Charulata Ravi Kumar, CEO, POY India, said, "This is the debut year of POY in India and the response has been overwhelming, with participation from leading brands across categories."

The PoY 2008 awards were presented in 26 brand categories. The event was presented by POY's media partner Star while Xerox and Easies were the associate sponsors.