Money & Banking

Digital transactions in October: Top score for Fino Payments Bank

Surabhi Mumbai | Updated on December 01, 2019 Published on December 01, 2019

SBI, Bank of Maharashtra are ‘good’ performers among PSBs

State Bank of India and Bank of Maharashtra are the only two public sector lenders that have shown ‘good’ performance in digital transactions in October, while Fino Payments Bank has topped the monthly rankings by Ministry of Electronics and Information Technology.

ICICI Bank, IDFC First Bank, HDFC Bank and Axis Bank are the private sector lenders that received a ‘good’ rating by MEITY on digital transactions in October, along with HSBC. In all, eight banks received a good performance rating for October. The Centre has set a target of 4,000 crore digital transactions in 2019-20, with separate targets for each bank. It tracks the performance of each lender on a monthly basis.

According to MEITY data, Fino Payments Bank, with an overall score of 78, has touched 99.41 per cent of the annual target for digital transactions.

Meanwhile, IDFC First Bank, Axis Bank and ICICI Bank have already surpassed the target allocated to them. SBI, with an overall score of 68 in October, has met nearly 96 per cent of the target, while Bank of Maharashtra, with a rating of 67, had reached 98.3 per cent of the target.

IDBI Bank, with an overall rating of 64, and Paytm Payments Bank, with a score of 64, rounded off the top 10 banks in October for digital transactions with a rating of ‘average’ performance.

According to the government’s DigiDhan dashboard, more than 2,356 crore of digital transactions were undertaken between April 1 this year to November 31.

Published on December 01, 2019
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