Jay Kotak

About

For Jay Kotak, Kotak811 isn’t just a digital, zero-balance savings account—it’s the blueprint for Kotak Mahindra Bank’s (KMB’s) future growth. Kotak811, which Jay refers to as “bank in a bank”, constituted 12.2% of KMB’s total savings account balance as of March 31, 2026, a 32.4% growth year-on-year, and 8% quarter-on-quarter. It acquired 33.5 lakh customers in FY26, at a monthly customer acquisition run rate of near 3 lakh. “Digital [accounts] are likely to be the best and the only way a bank can build hyperscale, in a way that makes business sense,” says Jay, the co-head of Kotak811, which stands at the intersection of digital banking and corporate strategy at KMB. “The liability book at Kotak811 is very low cost, sticky and granular, and by the RBI’s classification, retail,” he adds. In June, Kotak811 launched five colour variants of its Infinity Metal debit card, offering cashback facilities, airport lounge access, and fine dining, among others. Calling himself a “digital evangelist”, Jay believes digital onboarding is the most effective way for banks to build scale, rather than opening thousands of physical branches. He likens the strategy to U.S. retailer Macy’s, where every new store drove higher e-commerce activity in its vicinity. “That’s how a bank branch should be,” he says. And his vision? To see “Kotak811 becoming a scaled player, but in a profitable manner.”