wordpress blog stats
Connect with us

Hi, what are you looking for?

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 that of Netbanking. This proportion was 6 times in the previous quarter.
  • 100% growth YoY in monthly active customers on mobile app.
  •  77% of mobile banking customers are only on the mobile app. This was 75% last quarter.
  • Kay Mall transactions (mComm+ eComm) have grown 274% YoY (in volume) in this quarter.
  • Launch of Aadhaar enabled Payments System with Government of Telangana.

Kotak Securities

  • 91% growth in YoY in average daily volumes of mobile transactions. Last quarter, this was 99%.

Kotak Life Insurance

  • 89% of individual policies sourced were through “Genie”, a tablet-based solution from Kotak Life Insurance. Last quarter this was 84%.
  • 96% of the sales in Q2FY19 came through Genie for the BANCA channel. Last quarter, this was 95%.

Kotak General Insurance

  • 77% year on year growth in volumes of digital business, 70% growth YoY in terms of value.

Other developments:

  • Kotak Mahindra Bank joined Ripple’s enterprise blockchain network (RippleNet) to provide impetus to its inward cross-border remittances.
  • Kotak Mahindra Bank launched products like ‘WhatsApp Banking’ and ‘Keya Chatbot’ to address customer queries.

Press Release | Investor presentation

Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

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



The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...


Releasing the policy is akin to putting the proverbial 'cart before the horse'.


The industry's growth is being weighed down by taxation and legal uncertainty.


Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.


Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

You May Also Like


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...


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...

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