New Delhi, Aug. 11 -- ICICI Bank is facing heat after hiking its savings account minimum balance by 5 times, and this time veteran banker Uday Kotak's son Jay Kotak has spoken up against the move.

In a post on X without explicitly mentioning the ICICI Bank minimum balance hike, Jay Kotak said 90 per cent of Indians make less than Rs.25,000 a month.

"Every Indian must access our financial sector. 90% of India makes less than Rs.25,000 a month. A Rs.50,000 minimum balance implies a sum equal to ~94% of Indians monthly income is to be left with the bank at all times, else a fee!," he said.

Jay Kotak, who leads Kotak Mahindra Bank's digital banking arm Kotak 811, said digital first is the way to go.

"Implication: physical cost to serve ma...