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Kotak Mahindra Bank’s mobile banking surged 250% YoY in Q2FY19

Kotak Mahindra Bank

Kotak Mahindra Bank announced that its mobile banking has seen a growth of 250% (in volume) YoY in the quarter ending September. The bank's 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 16 million as of 30th September up from 14.5 million by the end of the previous quarter. Around 43% of 811 customers are salaried employees, and 91% are aged between 18-40 years. 58% of them are from the top 20 cities in India. Kotak Mahindra Bank also offers free credit score check for 811 customers. Digital banking numbers Mobile banking was up 250% in terms of volume. In the previous quarter, this number was 172%. UPI transactions increased by 25 times in Q2FY19 YoY, with 23 million transactions since launch. 90% of all recurring deposits were sourced digitally during the quarter. In Q1FY19, this number was 89%.  69% of all fixed deposits were sourced digitally during the quarter. In Q1FY19 this number was 67%. Total payment gateway transactions during the quarter ending September were up 45% YoY in terms of value, and crossed 2 million in this quarter. Last quarter the value was up 70%. Mstore transactions were not clear this quarter. This was 154% in the previous quarter. Digital share of salaried personal loans: 32% in Q2FY19. Mobile banking login is 8 times more than…

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