SBI digital payments: The country’s largest bank SBI is at the forefront of providing digital products and services to its customers. SBI has topped the digital scorecard of the Ministry of Electronics and Information Technology (MeitY) for the third consecutive month. This scorecard is prepared on the basis of performance on several digital parameters of the commercial bank. A record around 64 crore UPI transactions took place on SBI’s platform. SBI has a user base of 135 million.
According to SBI, the bank processed 636 crore transactions through its digital platform, accounting for 67 per cent of the bank’s total transactions. SBI has a 25 per cent market share in terms of transactions through mobile banking. According to Similarweb, SBI Internet Banking Service (onlinesbi.com) is at the top in terms of online credit in banking credit and lending category. Over 8.5 crore people use SBI’s net banking.
SBI’s enhanced digital lending through YONO
Digital lending has increased due to SBI’s flagship digital and lifestyle platform YONO. Through YONO, SBI has distributed more than 10 lakh personal loans in April-December 2020. Through this, people were given a loan of Rs 15,996 crore. 7.85 lakh Agri Gold loans worth Rs 12035 crore were passed through Yono Agriculture in the third quarter of the current financial year 2020-21. Apart from this, 2.42 lakh Kisan Credit Cards worth Rs 4230 crore were reviewed in August-December 2020.
SBI’s most debit cardholders
SBI is also the largest bank in the country in the issue of debit cards. SBI customers use more than 29 crore debit cards, which has a market share of 30 per cent in terms of card spends and 29 per cent in terms of transaction volume. The bank has gradually strengthened its payment acceptance infrastructure. More than 31 lakh merchant touchpoints have been enabled through payment modes like Bhima UPI QR, Bharat QR, Bheem-Aadhaar and POS. Out of this, 51 percent payment acceptance points are located in rural and semi-urban areas.
(Sources: RBI Monthly Bulletin, NPCI Website, Bank’s Analyst Presentation Q3FY21& Internal Data)