Kotak Mahindra Bank launches 8-11 app to double customer base

Initiative allows one to open zero-balance, zero-charge a/c in 5 minutes using only Aadhar and PAN

In what he described as a game changing initiative in creative disruption in the banking space, Uday Kotak, executive vice-chairman and MD of Kotak Mahindra Bank announced the launch of 8-11, a completely digital and paperless account opening system, that can be used anytime, anywhere.

Kotak added that 8-11, which he claimed was inspired by PM Narendra Modi's November 8, 2016 decision to demonetise the old 500- and 1,000-rupee notes, allows one to open a zero-balance, zero-charge account even at an unearthly 2 a.m. The account can be opened within five minutes using the Kotak Mahindra's mobile banking system.

Kotak said one only needed an Aadhar card and a PAN card to open and operate the account, on which six per cent interest would be paid on sums deposited. He added Kotak Mahindra was the first bank to use Aadhar-based OTP, which RBI allowed in December 2016, for the purpose of account opening.

He said 8-11 offered as many as 100 features including deposits, fund transfer, purchases on Flipkart, PVR and other establishments. He claimed the service offered a unique bank-pay-shop experience.

Kotak also indicated that he expected 8-11 would help double the bank's existing customer base from eight million within 18 months.

He recalled his bank's 32-year journey, saying that it has started off as an NBFC in 1985 and had become a bank in 2003. It was in 2015 that it took over ING Vysya Bank, which was much older, with a history of about 85 years in the country at that time. The move helped Kotak Mahindra double its existing customer base in 2015.