Inspired by the advent of demonetisation which kicked off on 8 November, Kotak Mahindra Bank (KMB) recently launched its ‘811’ which is ‘zero balance, zero charge’ account. The idea was possibly to capitalise on the digitisation and the universal banking movement demonetisation was to spur, KMB must have thought that pushing a no-frills banking concept might work very well both with the government and with the general public. Even a cursory look at the scheme makes it appear more like a private bank’s version of Jan-Dhan Yojana account. Today, every bank is trying to make digital banking attractive. This is precisely what KMB has tried to do with 811. The bank promises to set up an account for the customer digitally within five minutes. All you need is just Aadhar card. The most-talked about ‘zero balance, zero charges’ initiative was Jan Dhan –a government initiative. As a political move aimed at social inclusion, it made lot of immense sense. But the initiative has proved
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