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SBI Topped the MeitY Digital Payment Scorecard for 3 Consecutive Months

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State Bank of India leads in MeitY Digital Payment ScorecardState Bank of India(SBI) topped the Ministry of Electronics & Information Technology(MeitY) Digital Payment Scorecard for 3 consecutive months. The scorecard tracks the performance of the commercial banks on various digital parameters.

SBI topped the list by recording the highest UPI transaction volume of around 64crore with a user base of 13.5 crores.

Highlights:

i.Over its digital platform, SBI has processed around 636 crore transactions which accounts for around 67% of the total transactions volume of the bank.

ii.SBI is also the largest debit card issued by issued more than 29 crore debit cards to its customers, this accounts for 30% market share in card spends and 29% share in transaction volume.

iii.Around 31 lakh merchant touchpoints were enabled across various payment modes that include BHIM UPI QR, Bharat QR, BHIM – Aadhaar and POS.

Key Points:

i.YONO, the flagship digital and lifestyle platform of SBI has accelerated digital lending and disbursed more than 10 lakh personal loans amounting to Rs.15996 crore from April to December 2020.

ii.Around 2.42 lakh Kisan Credit Cards amounting to Rs.4230 crore has been reviewed during August – December 2020.

SBIePay:

i.SBI is the only bank to have its own payment aggregation solution – SBIePay. 

ii.With SBIePay, SBI provides the digital payment needs of the large merchants in both the public sectors (Departments of the central government, autonomous bodies, State governments undertakings) and private sector enterprises.

About State Bank of India(SBI):

Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Tagline– The Banker to Every Indian
Established on– 1st July 1955 after the nationalisation of the Imperial Bank of India.