State Bank of India (SBI) has captured the customers attention by providing the latest innovative digital products and services to them , maintaining the way for a less-cash India.
State Bank of India (SBI) being the Country’s largest lender has its name on the top of the list of the Ministry of Electronics & Information Technology’s (MeitY) Digital Payment Scorecard for 3 consecutive months. The scorecard is generally a type of report card which keeps on tracking various commercial banks performance on various digital parameters. SBI bank is known for its top remittance with highest UPI transaction volume of about 64 crores having a huge user base of 13.5 crores.
SBI processed 67% of the bank’s total transaction volume which is about 636 crore transactions digitally. Mobile banking consist of almost 25% of transaction volume . SBI internet banking service ranked number one in terms of online traffic in the banking credit and lending category and more than 8.5 crore customers are using their sevice.
YONO being SBI’s flagship digital and lifestyle platform has also upgraded digital lending in a consolidated manner. YONO has provided an incentive to digital lending with over 10 lakh Personal Loans amounting to ₹15,996 crore being distributed between April- December 2020.
SBI being the largest issuer of Debit cards as almost 29 crore users are there using this card facility, which consist of 30% market share in card spends and a 29% share in transaction volume. SBI has around 31 lakh merchant touchpoints enabled across different payment modes which include – BHIM UPI QR, Bharat QR, BHIM – Aadhaar and POS. And about 51% of these payment acceptance points are located in rural and semi-urban geographies, by respecting government’s objective to expand merchant footprint in far-flung areas of the country. Infrastructure of bank payment acceptance has also been improved .
Bank’s Payment Aggregator service SBIePay – It the first and only payment aggregator platform owned by a Bank, which filfills the emerging digital payment needs of large merchants in the public sector- Central Govt. Departments, Autonomous Bodies, State Govt. undertakings etc. and provide services to the private sector enterprises also.