India’s largest lender the State Bank of India has witnesses a perceptible increase in the number transactions reported through its multiple digital channels, with the percentage escalating from 60 percent in the pre-covid period to 67 percent currently, said Chairman Dinesh Khara.
The increase in the number of digital transactions at the bank was primaril led by increase in e-commerce activities during the lockdown, which halted the movement of the people, he said.
“When e-commerce picked up, it was actually the digital channels we are offering that got wider currency and acceptability. That is one of the reasons our digital transactions have gone as high as 67 per cent now.
“I think it is a phenomenal number, considering the fact that we are a bank which is serving all kinds of customers – digitally savvy and not digitally savvy,” Khara told PTI in an interaction.
He said the ecosystem such as round the clock availability of Real Time Gross Settlement System (RTGS) and National Electronic Fund Transfer (NEFT), which was set up recently, also assisted the lender in leveling up its digital transactions.
“I think part of it (higher digital transactions) is coming from the ecosystem and a part of it has come from the bank’s own effort,” he noted.
SBI’s digital lending platform YONO (You Only Need One App) has reported significant growth during the current financial year. Currently, 35 million users are registered with Yono and the lender is opening over 35,000-40,000 savings accounts everyday with the help of the mobile app, he said.