BoM, SBI only PSBs rated ‘good’ in digital transactions in December: Government data.

Mumbai: Bank of Maharashtra and State Bank of India are the only two state-run banks that showed ‘good’ performance in terms of digital transactions in December with a score of 77 and 68 respectively, government data showed.

The score for an individual bank is given by the Ministry of Electronics and Information Technology (MeitY) on various parameters such as percentage of digital transactions, merchant deployment achieved, system resilience and average percentage of technical decline for UPI or AePS transactions, among others.

For digital transactions, the government has given a target of 4,000 crore digital transactions for the current fiscal.
Banks’ performance on various parameters, including digital transactions, is tracked on a monthly basis.During April to December, Bank of Maharashtra (BoM) achieved 102.70 per cent of the annual target of digital transactions, the latest data released by MeitY showed.
For BoM, the government has set a target of 19.7 crore digital transactions during the current financial year.SBI achieved 99.09 per cent of the annual digital transactions target in the nine months of the current fiscal.
In December, nine private lenders and two payments banks received good rating on digital transactions.

Overall score of Yes Bank, Fino Payments Bank and HDFC Bank was 76 in December. ICICI Bank and IDFC First Bank scored 74 and 73, while Axis Bank and IDBI Bank scored 71 each, MeitY data showed.

Source: m.economictimes.com