With the announcement of Kotak bank 811 plan on Wednesday in the press conference held by Uday Kotak, Promoter, Vice Chairman and Managing Director of Kotak Mahindra Bank, India got its first ever digital account that the account holder can download and operate instantly. The name of the plan is 811 which is inspired by the day when the demonetization move was announced by the PM and was the first step towards the digitized India. The date of 8/11/2016 is marked as the day the entire nation marched together towards the digital age. And hence the plan 811 is further propelling the idea of digitization in the country.
The process hardly takes 5 minutes to enroll in the plan. The process starts with downloading of the application which can be done through the Google App Store or by giving missed call on **811 from the smartphone. After the installation of the app, you will have to enter the Aadhar number along with the PAN number. After filling few more details, the process is complete and 811 is ready to use.
The benefits of the Kotak 811 plan are many and given below are few points that explain the advantages of the plan
Kotak 811 Plan to Disrupt Payments Banking Sector
The customer can avail all the services and products that a regular savings account offers. Uday Kotak mentioned the move of an introduction of the plan as Whatsapp moment for the banking world. It would use the Aadhar- OTP authentication to open the savings accounts on the mobile phone.
The customer can use 811 accounts not just for the transaction but can also avail other services like loans and manage investments.
The reserve bank of India in the year 2015 has in principle approved 11 players for the payment banks. Since then the major players like Tech Mahindra, Cholamandalam distribution services, Telenor, IDFC and Sun Pharma’s Dilip Shanghvi have withdrawn their names. With the introduction of this plan, the payment banks are further enhanced. Since the Kotak Mahindra Bank also has 19% stakes in the Airtel’s Payment bank. On asking about the scenario, Uday Kotak replied
We are investors in the Airtel Payments Bank and have a 19 percent stake in it. We believe there is enough room for growth, so they will be complimentary
He also said that the consumer profile for the Plan 811 is different than that of the Payment banks.
With the launch of this plan, they are also trying to utilize a maximum of the mobile broadband wave which has been set open for the customer since the launch of Reliance Jio 4G services. It has also assimilated several apps like Goibibo, Flipkart, PVR and many others merchant under one app through Bank, Shop and Pay features. Thus, it has expanded its horizon and does not limit just being a bank account. It has covered all the possible arrays of features and services.