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Telangana stands third in 811 account holders: Kotak

Telangana stands third in 811 account holders: Kotak
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Kotak Mahindra Bank on Thursday announced that Telangana stands third with higher share of customers signed into 811 accounts, however the bank didnt...

Hyderabad: Kotak Mahindra Bank on Thursday announced that Telangana stands third with higher share of customers signed into 811 accounts, however the bank didn’t prefer to disclose the number. Further the bank informed that the digital bank account has powered the bankers to add six and a half million accounts in 15 months, whereas it took them eight years to reach their first million target.

With 106 branches in AP and 82 branches in Telangana, the banker plans to add on five more branches in both the Telugu states. A senior official stated to open banks branches based on RBI's regulation wherein, if one branch is opened in urban or metro area then a branch has to be set up in semi-urban or rural area.

Puneeth Kapoor, Senior Executive-Vice President, Kotak Mahindra Bank, said: “We will continue to expand our branch network using a dual strategy. We are implementing a hub and spoke model in locations where we are already present. We are also expanding our physical footprint in locations where the bank has received many requests to open an 811 account, but where we do not have branches as yet.”

The Bank on priority has UPI and Bharat QR embedded to provide it to the customers downloading their app for digital banking. “Our app based digital zero balance saving account with biometric authentication has new features added on periodically for a better customer experience,” added Kapoor.

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