Kotak Mahindra Bank sharpens digital mode post demonetisation

Private sector Kotak Mahindra Bank has been putting a big thrust on digital banking channels post demonetisation.
"Our focus is on multiple digital assets. In our bank, the digital banking adoption rate is 35 per cent, which is pretty high among the industry," chief digital officer of Kotak Mahindra Bank Deepak Sharma said.
He said presently, the bank is offering three digital modes, namely, mobile banking, offline mobile banking and United Payments Interface (UPI) KayPay.
"We are also planning to launch USSD payment mechanism by which customers will be able to make payments from any feature phones and there is no need for any data connectivity," Sharma told PTI on the sidelines of the Infocom seminar here today.

Sharma said 55 per cent of the offline transactions were through digital mode, out of which close to 60 per cent was from mobile.
After demonetisation, the adoption rate of mobile app had doubled, he added.