India’s largest lender State Bank of India (SBI) has outshined others in the list of the Ministry of Electronics & Information Technology’s (MeitY) Digital Payment Scorecard and the bank achieved its numero uno position consecutively for 3 months. The scorecard analyses the Commercial Banks’ on the basis of its performance on various digital parameters. SBI remained secured the top most position by recording the highest UPI transaction volume of nearly 64 crores having a user base of 13.5 crores.
SBI processed 636 crore transactions through its digital platforms which are 67% of the bank’s total transaction volume. The bank commands almost 25% market share by transaction volume of mobile banking.
YONO, SBI’s flagship digital and lifestyle platform, has accelerated its digital lending further. YONO has offered a momentum to digital lending with more than 10 lakh Personal Loans amounting to Rs 15,996 crore being disbursed during April- December 2020.
SBI is India’s largest issuer of debit cards. More than 29 crore debit cards are used by SBI customers, and the around 30% market share in card spends and a 29% share in transaction volume.