Tech adaption puts top Indian banks at low risk of digital disruption: S&P

Rising smartphone penetration and internet connectivity, and young, tech-savvy demographic segment present vast opportunities for existing banks and new players

India's digital disruption poses a relatively low risk to the long-standing position of its top-tier bank. Many banks in India have been quick to embrace new technologies to cater to a vast and growing, young, tech-savvy customer base, according Standard & Poor’s (S&P).

"We believe India's top-tier private-sector banks and State Bank of India (SBI) are well-placed to deal with tech disruptions, given their dominant market positions and continued investments in technology," said S&P Global Ratings credit analyst Deepali Seth-Chhabria.

Covid-19 restrictions have been a boost for India's major digital payment system, Unified Payment Interface (UPI). The value of transactions