Money & Banking

Kotak Bank bets on ‘811’ scheme to double customer base in two years

Our Bureau Ahmedabad | Updated on January 11, 2018 Published on May 02, 2017

kotak

Uday Kotak, Executive Vice-Chairman and MD   -  SHASHI ASHIWAL

After about a month of the launch of the ‘811’ service, Kotak Mahindra Bank has set an ambitious target of doubling its total customers to 16 million in the next 18-24 months from eight million now. The ‘811’ service, an all-digital zero-balance account, is seen as the primary driver to achieve the target, top company officials said here.

The newly-launched app-based savings account is seen gaining popularity among young banking customers. “We have got encouraging response within a month of the launch. Most of the customers are below 40 years (of age), indicating that the young crowd is interested in the service,” said Ambuj Chandana, Senior Executive Vice-President, Kotak Mahindra Bank. The ‘811’ service symbolises the post-demonetisation (November 8) push for the ‘less cash economy’. 811 is designed to offer banking services through a mobile app. According to the regulations, app-based account opening is done through PAN and Aadhaar verification. But biometric verification is compulsory within one year of the account opening.

“It is because of this limitation that currently our service is available to those places where we have our branches — about 700 locations. Some nearby areas can also be catered through the branches. But for remote areas, it becomes difficult to reach out to customers for biometric verification as required under the law,” said Chandana. KMBL has 1,369 branches across the country.

Published on May 02, 2017
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