Kotak launches mobile banking app for 'un-banked' regions

The bank claims that the mobile banking adoption rate is highest among its peers

Seeking to provide mobile banking services to customers in the remotest of regions, Kotak Mahindra Bank (KMB) today launched a mobile banking app 'Kotak Bharat' which requires no internet connectivity.

The 'inclusive digital banking' app is primarily targetted to benefit customers in the under-banked and un-banked regions, who can access its services in their preferred language.

It is currently available in Hindi and English. The app would also be available in Gujarati, Marathi, Tamil and Kannada in about a month, followed by other Indian languages.

Kotak Bharat will enable customers manage their savings/current accounts and credit cards, KMB Executive Vice President Deepak Sharma said at a conference call here.

"We selected Lucknow for the maiden launch of the app as it is the most prominent Hindi belt centre," he said.

The app is Android-based. It works on the existing SMS banking keyword process platform. The customers could download the app on their registered mobile number without any separate registration process.

"Almost 45 percent of our customers access banking services either through internet or mobile banking. In fact, the growth of mobile banking has been faster," Sharma informed.

He said the mobile banking adoption rate of KMB was highest amongst its peers according to the Reserve Bank of India (RBI) parameters. "About 30 percent of our customers use our existing mobile banking app," he said.

Besides, the app facilitates other value added propositions, including recharging mobile/DTH services, linking Aadhaar number to the account, finding Kotak ATMs & branches, applying for Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana etc.