Jay Kotak takes up additional role of senior VP at Kotak Mahindra Bank

Jay Kotak has taken up an additional role in Kotak Mahindra Bank

Jay Kotak, son of Kotak Mahindra Bank's former CEO Uday Kotak, has taken up an additional role as Senior Vice President — Conglomerate Relationships at Kotal Mahindra Bank earlier this year, according to a social media post by Jay Kotak on 28 November.

“I’m happy to share that, earlier this year, I started a new position as SVP - Conglomerate Relationships at Kotak Mahindra Bank, in addition to being Co-Head at Kotak811,” Kotak posted.

Kotak was already co-heading the Kotak811, the digital arm of Kotak Mahindra Bank.

In the new role, Kotak will work closely with the wholesale, private and institutional businesses at Kotak to enhance the bank’s franchise, Kotak said.

811 business

The lender's digital business saw 95 percent of personal loans disbursal, 97 percent of credit card sales and 75 percent of new business in the July-September FY24 quarter.

Additionally, the lender saw a 54 percent QoQ growth in savings account opener digitally.

In August 2023, Kotak hailed UPI, and said that be it street snacks, medicines, restaurants or tips, all the payments done through UPI.

"The average UPI transaction cost is near 0 compared to around one percent for cards," Kotak said.