PM Modi’s demonetization move has given big impetus to digital economy:Kotak Mahindra Bank

Ahmedabad: Leading private sector bank Kotak Mahindra Bank today said that the demonetization move of Prime Minister Narendra Modi has given a great momentum to the digital economy.

Addressing a press conference here to spread awareness about its downloadable bank account opening app 811 (which was a short form of the November 8, the day when demonetization was announced),Senior Executive Vice President of the bank, Ambuj Chandana said that the event has given a big impetus to digital economy.

‘We are seeing India moving fast towards cashless or less-cash economy after demonetization. We have also seen a whooping 143% growth in digital transaction in last one year. 52% of our customers use only digital platforms for transaction of whom 54% use only mobile based app. We have now fixed a target of doubling our customer base to 16 million in next 18 to 24 months,’ he said.

Chandana said that the digital economy was also getting a boost owing to the 2/3rd of our population now being below 35 years of age and these new young customers behave quite differently from the older generation. They want things done instantly without wait and in a paperless/online way. India also has now 340 million smart phones which is also a big factor in this regard. This was more than the population of the third largest country in the world ie the US. This number would touch 500 million mark in future. India has also become the biggest consumer of mobile data.

Chandana said that 811 was the first of its kind downloadable bank account app in India. It could be opened with zero balance and was capable of doing 100 types of transaction free of cost. It was also getting great response after its launch around a month ago.

DeshGujarat