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Nation's top bank SBI targets ₹ 1 lakh cr digital transactions

Nations top bank SBI targets ₹ 1 lakh cr digital transactions
Country's largest lender SBI on Friday said that it aims to reach 5.2 lakh Acceptance Touch Points and collectively do Rs 1 lakh crore transaction in 2017-18 to take forward government's digital agenda.

The State Bank of India (SBI) said in a statement that it has implemented various initiatives as part of Digital India and Digi Dhan Mela campaign launched by the government. These, include adoption of 110 villages to develop digital eco system, and targeting deployment of 25,000 terminals at 12,500 villages under a NABARD scheme.

"In FY 2017-18, the bank's ambition is to reach 5.2 lakh Acceptance Touch Points which include 4 lakh Digital PoS (Bharat QR and Aadhaar Pay) and collectively will receive Rs 1 lakh crore of transaction value," SBI said.

The bank's Chairman Arundhati Bhattacharya said that with the Digital India initiative pursued collectively by the government, banks and technology companies, "India is transforming into a digitally empowered society and SBI is playing a pivotal role in the process of digitalisation".

Rajnish Kumar, MD of SBI said that UPI and Aadhaar pay are two very innovative platforms which will lead to efficiency in costs and provide convenience to customers.

The bank further said that it will continue the digital drive to bring in more innovative products and services for customer convenience. Online SBI, the bank's web banking platform, is the fifth most visited financial site globally.

Digital transactions gallop 23 times since note ban to 64 lakh

Digital transactions increased by about 23 times in March to nearly 64 lakh, with total value of Rs 2,425 crore, from last November when demonetisation took effect. "Volume of all digital transactions increased by about 23 times with 63,80,000 digital transactions for a value of Rs 2,425 crore in March 2017, compared to 2,80,000 digital transactions worth Rs 101 crore till November 2016," Niti Aayog said in a statement. Aadhaar Enabled Payments have increased from 2.5

Aadhaar Enabled Payments have increased from 2.5 crore in November 2016 to over 5 crore in March 2017, it said. After scrapping of Rs 500 and Rs 1,000 notes on November 8, 2016, the government had launched two schemes to incentivise digital payments -- Lucky Grahak Yojana and DigiDhan Vyapar Yojana on December 25. The statement

The statement also said Immediate Payment Service (IMPS) transactions have also increased from 3.6 crore to 6.7 crore during the same period. In order to achieve the target of 2,500 crore digital transactions in the current financial year, the Prime Minister today announced about 75 townships spread all over India as 'less-cash townships', it said.
PTI

PTI

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