wordpress blog stats
Connect with us

Hi, what are you looking for?

Kotak Mahindra Bank saw Rs 4,800 crore on mobile channels in December

Transactions worth Rs 4,800 crore happened on Kotak Mahindra Bank’s mobile channels in the month of December, Shanti Ekambaram, president of consumer banking said in an analyst call. During the period of demonetization (comparing numbers from October 2016 to December 2016), the bank saw a 108% increase in first time logins on their mobile banking app. For net banking, it saw a 52% growth in first-time logins.

Cards: During the demonetization period, the bank saw an 183% growth in 90-day dormant activation cards. It also saw an 86% growth in unique active cards.

The number of transactions on debit cards grew 188% and the value of transactions increased 140%. For credit cards, the number of transactions increased 48% and the value of the transactions increased 31%. No absolute numbers were provided.

Mobile banking: For the demonetization period, mobile banking saw an increase of 50% in the number of transactions and 52% rise value of transactions.

During the quarter (Q3Fy17), mobile banking saw a jump of an 119% YoY increase in terms of volumes (number of transactions) and a 161% increase in terms of value (amount of money which was processed).

Advertisement. Scroll to continue reading.

It added that mobile banking usage was more than 3 times than that of net banking. The bank said 51% of mobile banking customers use only the mobile app.

Deposits and loans: In Q3Fy17, Kotak Mahindra Bank said that 55% of its recurring deposits were sourced digitally and over 60% of its term deposits were obtained digitally.

Term deposits, which includes both recurring and fixed deposits, at the bank stood at Rs 86,569 crore during the quarter. So, around Rs 51,941.4 crore was deposited digitally.

“15% of our personal loans now come through the digital channel,” Ekambaram added. Kotak Mahindra Bank’s small business, personal loan and credit cards portfolio stood at Rs 15,784 so this means that around loans worth Rs 2,367.6 crore was sourced digitally.

UPI apps: Kotak Mahindra Bank’s KayPay application is now a UPI app and has 75,000 downloads. The number of virtual payment addresses were not disclosed.

Payment gateway transactions: The bank also offers payment gateway services for its customers. Number of transactions during the quarter increased 88% and the value of transactions on the payment gateway increased 94%. Kotak Mahindra Bank’s payment Gateway is a web-based service which allows the bank’s customers to make online purchases across websites. It allows customers to link trading accounts with some brokers including Kotak Securities.

Advertisement. Scroll to continue reading.

Insurance: Kotak Mahindra Bank’s insurance subsidiary  over 11,750 policies were sourced through Genie, its tablet-based sales solution. Around 14% of premium renewals were coming through digital platforms.

Trading:  “Kotak Securities mobile app contributes to about 17.61% of the total online business and to about 10% of the total Kotak Securities business,” Ekambaram added.

Download: Presentation | Analyst call

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.


When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.


The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.


In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...


By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ