Private banks' market share to touch 50% in 5 years: Uday Kotak

Aadhaar-based KYC will be the future of banking, says Nilekani

Rapid adoption of technology across banking systems will help private sector banks increase their market share from the current 30 per cent to 50 per cent over the next five years said Kotak Mahindra Bank Executive Vice-Chairman and MD Uday Kotak on Tuesday.

Kotak announced its digital-first organic growth strategy, which would be driven by its “ABCD charter”. ABCD stands for artificial intelligence-enriched app, biometric-enabled branch, context-enhanced customer experience, and data-empowered design. Infosys Chairman Nandan Nilekani was also present at the media briefing where this was announced.

Kotak said, “India has the potential to be a $10-trillion economy by 2030.”