wordpress blog stats
Connect with us

Hi, what are you looking for?

Kotak Mahindra Bank reports 13 million customers, attributes growth to 811 service

Kotak Mahindra Bank

Kotak Mahindra Bank's 811 service, a zero-balance digital savings account that can only be opened by downloading the bank's app and authenticating oneself with Aadhaar and a one-time-password, had helped drive the total number of accounts at the bank to 13 million as of 31st March 2018, up from 12 million by the end of the previous quarter. Around 44% of 811 customers, according to the bank, are salaried employees, and 90% are aged between 18-40 years. 65% of them are from the top 20 cities in India. Kotak Mahindra Bank also offers free credit score check for 811 customers. Other data from Kotak's investor presentation and earnings release: - Mobile banking was up 76% YoY in terms of value, and 114% in terms of volume. - 88% of all recurring deposits were sourced digitally during the quarter. In Q3, this number was 83% - 69% of all fixed deposits were sourced digitally during the quarter. In Q3 this number was 65%. - Total payment gateway transactions during the month of March were up 76% in terms of value YoY. Last quarter the value was up 64%. - Mstore transactions were up 402% YoY in terms of volume at the end of this quarter (March 2018). - Digital share of salaried personal loans: 32% in Q4FY18. In Q3, this number also stood at 29%. - Personal loans through digital were up 168% year on year in Q4. This was 192% last quarter. - Mobile banking login is more than 5…

Please subscribe/login to read the full story.
Written By

Writes about consumer technology, social media, digital services and tech policy. Is a gadget freak, gamer and Star Wars nerd.

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

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

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...

Advert

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...

News

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...

News

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...

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
Name:*
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