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Kotak Mahindra Bank launches ‘811’

Kotak Mahindra Bank is launching India’s first full service digital banking ecosystem on mobile. Called ‘811’, it is expected to drive the bank’s organic growth agenda. The system has been designed around the idea of simplicity and ease of use and offers a zero balance savings account with zero charges for all digital transactions. Besides, customers can earn up to 6% p.a. on their savings account balances. The bank said with 811, it will accelerate and deliver on its organic growth strategy. Uday Kotak, executive vice chairman & MD of the bank, said an investment of Rs 100,000 made in Kotak Group in November 1985, is worth around Rs 1400 crore today, which means a compounded growth rate of 40% over the past 32 years. He said the bank has always believed in value creation for its stakeholders and in pursuit of this, it has implemented multiple strategies – both organic and inorganic – thereby establishing its presence across the entire gamut of financial services. 811 offers a completely digital and paperless account opening experience across nearly 700 locations in India. It can be opened anywhere, anytime, within 5 minutes, using Kotak’s mobile banking app. Only Aadhaar and PAN numbers are required to open and operate 811. Anyone can now download Kotak Mahindra Bank on their mobile. It offers access to over 100 features on mobile including completing financial transactions, managing investments, fund transfer, and is an ideal lifestyle app for e-commerce on Flipkart, PVR, Goibibo, etc. It is also fully integrated with Bharat QR Code and UPI enabled, for instantly sending and receiving money.

Kotak said the bank will focus on building its stressed asset resolution and turnaround business in the coming years, adding the large opportunity in the stressed asset space in Indian banking would prove to be a good business opportunity for the group.

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