Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.