With the mission of promoting digital India, Kotak Mahindra Bank has launched India's first downloadable bank account 811, a unique full-service digital banking ecosystem on mobile. It has been designed around the idea of accessibility and ease of use. 811 is a mobile banking application that offers a complete digital and paperless account opening experience, across 700 locations in India. It is available on both Google play store and Apple's App Store. The app can also be downloaded by dialing 811 and or through links via message.
Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank, while addressing the media at the launch shared that "It was on 8th November last year that India underwent a revolutionary transformation with demonetization and people started opting for cashless transactions. This prompted us to launch 811, which offers the complete banking solution through one app. Majority of the population in our country is below the age of 35. With the penetration of smart phones and data availability everyone prefers online transactions. Be it in urban or rural areas, everyone owns a smart phone in today’s virtualized world. This banking method will reach out to people in the rural market too. A digital ecosystem is being rolled out through Aadhar Card, UPI and Bharat QR code. This has created a payment identity infrastructure.
This app will provide paperless a real time mobile bank account opening method. It will be integrated with Aadhar based OTP authentication for the opening of accounts. It will offer all services, zero balance account with zero charges on all digital transactions where customers can earn up to 6% per annum on the savings bank account balance. Unlike other online bank transaction 811 will enable one time fund transaction where you can transfer money instantly without the need to add beneficiary accounts. Having strong partnerships with PVR, Flipkart, Goibibo and IRCTC in pipeline, it will prove as an ideal lifestyle app for e-commerce along with offering more than 100 features on mobile."
When asked about ramification of Aadhar linked banking he said "Aadhar is pretty strong method of identification and the number is increasing due to the encryption. There are various benefits with aadhar card like direct benefit transfer for LPG consumers, subsidy in commodity products. We do not feel linking aadhar to bank accounts will affect our customer base."