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