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Govt data: BoM & SBI were only PSBs rated  ‘good’ in digital transactions in Dec 2019

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On January 30, 2020 according to data released by Government via Ministry of Electronics and Information Technology (MeitY), Bank of Maharashtra (BoM) and State Bank of India(SBI) were the two only Public Sector Banks(PSBs) rated as “good” in digital transactions for December 2019. BoM and SBI obtained a score of 77 and 68 respectively.

Govt data on digital transactions:

i.Score:The score for an individual bank was given on various parameters such as percentage of digital transactions, merchant deployment achieved, system resilience and average percentage of technical decline for Unified Payments Interface (UPI) or Aadhaar Enabled Payment System (AePS) transactions etc. The banks performance will also be rated on a monthly basis.

ii.Other bank score: The score of Yes Bank, Fino Payments Bank and HDFC Bank was 76 in December.

ICICI bank and IDFC first bank scored 74 and 73 respectively whereas Axis Bank and IDBI Bank scored 71 each as per MeitY.

  • A total of 9 private banks and 2 payment banks received good ratings on digital transactions in December 2019.

iii.BoM: During April to December the Bank of Maharashtra(BoM) achieved 102.70% of the annual target of digital transactions according to MeitY.

  • The govt has set a target of 19.7 crore digital transactions for BoM in the current fiscal.

iv.SBI: The State Bank of India (SBI) has achieved 99.09% of the annual digital transactions in the 9 months of the current fiscal.

v.Target for digital transactions: The govt has set a target of 4000 digital transactions for the current fiscal FY2020 (Financial year 2020).

About Bank of Maharashtra(BoM):
Founded- 1935.
Headquarters- Pune, Maharashtra.
Tagline- Ek Parivaar, Ek Bank; One Family One Bank.
Managing Director(MD) and Chief Executive Officer(CEO)- AS Rajeev.

About State Bank of India(SBI):
Chairperson- Rajnish Kumar.
Headquarters- Mumbai, Maharashtra.
Former name- Imperial Bank of India.
Tagline- The Banker to Every Indian; With you all the way; Purely Banking Nothing Else; The Nation Banks on Us.