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In March 2017, Kotak Mahindra Bank launched an online savings account called Kotak 811, [26] named after the date Prime Minister Narendra Modi had announced demonetisation in the previous year (8 November), which according to Uday Kotak was "the day that changed India."
Uday Suresh Kotak (born 15 March 1959) is an Indian billionaire banker and founder of Kotak Mahindra Bank, where he is a non-executive director. [2] He resigned from his CEO position in September 2023. [3] He handed over the digital banking CEO role to his son, Jay Kotak. [4]
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At Barclays Bank, UK, he has worked as the CEO. Subsequently, he has also worked as CEO of the Global Consumer, Private, Corporate and Payments businesses of the bank. He has also worked as a member of the group executive committee. [4] Presently He joined as CEO for Kotak Mahindra Bank, India.
The bank had also been ranked the "Safest Banker" by the New Indian Express and among "Top 5 Most Trusted Private Sector Banks" by the Economic Times. [7] On 20 November 2014, in an all-stock amalgamation, ING Vysya Bank decided to merge with Kotak Mahindra Bank, creating the fourth largest private sector bank in India. [8]
User can authenticate a NACH API e-mandate on the web. The customer gets directed to the NPCI website, where customer has to choose their bank, and then authenticate via one of the two methods - 1. Net banking credentials 2. Debit card. [3] Kotak Mahindra Bank became the first bank to allow customers to choose both methods for authentication. [5]
Enjoy a classic game of Hearts and watch out for the Queen of Spades!
The Kotak Mahindra Group was founded in 1985 as a provider of financial services. [8] [9] In February 2003, Kotak Mahindra Finance Ltd (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI) to conduct banking operations in the country and was renamed as Kotak Mahindra Bank, the parent company of Kotak Life Insurance. [10]