SBI Leads in MeitY Digital Payment Scorecard

By 121 News

Chandigarh March 9, 2021:- Country's largest lender State Bank of India has topped the list of Ministry of Electronics & Information Technology's (MeitY) Digital Payment Scorecard for 3 consecutive months. The scorecard tracks Commercial Banks' performance on various digital parameters. SBI remained the top remitter bank by recording highest UPI transaction volume of nearly 64 crore having a user base of 13.5 crore.

SBI processed 636 crore transactions through its digital platforms which is 67% of the bank's total transaction volume. The bank commands almost 25% market share by transaction volume of mobile banking. According to SimilarWeb, SBI's internet banking service - onlinesbi.sbi is ranked first in terms of online traffic in the banking credit and lending category, and is used by over 8.5 crore customers.  

SBI's flagship digital and lifestyle platform YONO has also furthered digital lending in a seamless manner. YONO has provided an impetus to digital lending with over 10 lakh Personal Loans amounting to Rs. 15,996 crore being disbursed during the FY (Apr- Dec'2020). Through YONO Krishi, around 7.85 lakh agri gold loans worth Rs. 12,035 crore were sanctioned in Q3FY21. Also 2.42 lakh Kisan Credit Card accounts amounting to Rs. 4,230 crore have been reviewed (August – December 2020).

SBI is also the largest issuer of debit cards. Over 29 crore debit cards are used by SBI customers, with a 30% market share in card spends and 29% share in transaction volume. Bank has made steady progress in increasing payment acceptance infrastructure as well. Over 31 lakh merchant touchpoints are now enabled across different payment modes which include – BHIM UPI QR, Bharat QR, BHIM – Aadhaar and POS. Nearly 51% of these payment acceptance points are located in rural and semi-urban geographies, in line with the government's objective to expand merchant footprint in far-flung areas of the country. 

Bank's Payment Aggregator service SBIePay – the first and only payment aggregator platform owned by a Bank, caters to the emerging digital payment needs of large merchants in the public sector- Central Govt. Departments, Autonomous Bodies, State Govt. undertakings etc. and serves the private sector enterprises as well.