Kotak Mahindra aims to double customer base on new app

New Delhi: Kotak Mahindra Bank on Wednesday said it is planning to double its customer base through its new mobile banking app called 8-11.

"We plan to double customer base in the next 18 months through the unique new phenomenon in Indian banking named 8-11," Uday Kotak, executive vice-chairman and MD of Kotak Mahindra Bank told reporters here at the launch of the app.

"It is inspired by Prime Minister Narendra Modi`s November 8 (demonetisation) move. The inspiration is from Modi`s vision of new India," he said.

People can open an account using Aadhaar and PAN on 8-11, which offers up to six per cent interest on savings bank accounts, he added.

"It offers zero balance, zero charges for all digital transactions. Only Aadhaar and PAN are required to open and operate it," Kotak said.

"It`s a symbol of creative disruption in banking. 8-11 will have 100 mobile features," he added.