Kotak Mahindra Bank announced that its mobile banking has seen a growth of 172% (in volume) YoY in the quarter ending June, helping the bank achieve over 1 crore transactions in volume and Rs. 10,000 crore in value through its applications. The Banks’ digital initiative, Kotak 811, 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, has also helped drive the total number of accounts at the bank to 14.5 million as of 30th June up from 13 million by the end of the previous quarter. Around 44% of 811 customers, according to the bank, are salaried employees, and 91% are aged between 18-40 years. 60% 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 172% in terms of volume. In the previous quarter, this number was 114% – 89% of all recurring deposits were sourced digitally during the quarter. In Q4FY18, this number was 88% – 67% of all fixed deposits were sourced digitally during the quarter. In Q4FY18 this number was 69%. – Total payment gateway transactions during the quarter ending June were up 70% in terms of value YoY. Last quarter the value was up 76%. – Mstore transactions were up 154% YoY in terms of volume at the end of this quarter (June FY19). This was…
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