Money & Banking

Nine banks surpass FY20 targets for digital transactions

Surabhi Mumbai | Updated on December 18, 2019 Published on December 18, 2019

At least nine banks had by November already surpassed the government’s targets for digital payments for 2019-20 while ICICI Bank topped the monthly scorecard.

According to the monthly rankings on digital transactions by the Ministry of Electronics and Information Technology, private sector lender ICICI Bank was the best performing bank by November-end 2019 with an overall score of 80 and a good rating. In all, eight lenders received a good rating in November 2019, including Axis Bank and Fino Payments Bank with a score of 74 each. Others include Bank of Maharashtra, which was given 72 marks while HSBC, HDFC Bank, State Bank of India each got 69 marks and IDFC First Bank 66.

Paytm Payments Bank and Lakshmi Vilas Bank rounded off the top 10 banks for digital transactions in November with a rating of average.

The Centre has set a target of 4,000 crore digital transactions in 2019-20 with separate sub-targets for each bank. It tracks the bank performance on a monthly basis.

According to the Digidhan Dashboard, 2,693-crore digital transactions were done between April 1 and December 17 this year, implying that a chunk of the target is yet to be met.

BHIM most popular

The BHIM App was the most popular mode and facilitated the maximum number of transactions at 733.19 crore or 27.22 per cent of the overall transactions. Prepaid instruments were the second-most popular means, clocking in 353.31 transaction in the period or 13.21 per cent of all such transactions.

Debit cards were most popular with a total of 337.03-crore digital transactions or 12.51 per cent of the total transactions.

IDFC First Bank, ICICI Bank, Axis Bank, Lakshmi Vilas Bank, Bank of Maharashtra, HSBC, HDFC Bank, IDBI Bank and Yes Bank have already surpassed the annual targets set for them for the current fiscal.

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Published on December 18, 2019
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