Kotak Mahindra Bank may well have a customer base of 16 million by September 2018, the bank’s executive vice chairman and managing director Uday Kotak says in the bank’s annual report. The bank has a customer base of 13 million as of now. Kotak said on 29 March 2017, when the bank launched 811, its fully online savings bank, it had made a commitment to double the customer base in 18 months, that is, to about 16 million by September 2018. He said 811 had helped the bank to take its deposit base to 10.5 million from 8 million within the first 6 months of the launch. The bank had added 50% of the target and was in excess of 12 million accounts. On a monthly basis, the bank was adding customers at a rate 2.5-3 times higher than it did a year ago.
