"What is evident is that our efforts have fallen short of what the regulator expects. My commitment is to further accelerate our efforts and investments. Winning back the trust and reputation with our customers and regulators is number one priority for me and management,” Vaswani said after a board meeting to discuss March quarter earnings.
811 is the digital banking arm of Kotak Mahindra Bank. The private sector lender is also looking at launching a mobile application specifically for digital payments services. The move comes amid intense competition in the digital banking space.
Jay Kotak, co-head of Kotak Mahindra Bank s digital banking solution Kotak811, recently revealed on Twitter that he travelled across India without his wallet, using only his smartphone.