Around 72% Of Financial Transactions Of Public Sector Banks Now Done Through Digital Channels

Nearly 72% of financial transactions of Public Sector Banks (PSBs) are now done through digital channels, with customers active on digital channels having doubled from 3.4 crore in FY2019-20 to 7.6 crore in FY2020-21. This was stated by Union Minister of State for Finance Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha yesterday. The Minister stated, however, that the license for banking is given by the Reserve Bank of India (RBI) and RBI has informed that it is not considering a separate licensing category for digital banks at present. The Minister further enumerated a number of steps that have been taken to facilitate digital banking including enhanced access to mobile banking and Internet banking has been enabled through an increase in the PSB average for the number of services offered (43), customer-friendly features (135) and regional languages available on the customer interface.

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