Financial transactions undertaken through home and mobile channels increased from 29% in FY 2018-19 to 76% in FY 2020-21
The Government has taken a number of steps to facilitate digital banking, doorstep banking services and digital lending platforms. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha today.
Giving details of the steps, the Minister stated that these include, inter-alia, the following:
As a result, the Minister stated, nearly 72% of financial transactions of PSBs are now done through digital channels, with doubling of customers active on digital channels from 3.4 crore in FY2019-20 to 7.6 crore in FY2020-21, and the share of financial transactions undertaken through home and mobile channels has increased from 29% in FY2018-19 to 76% in FY2020-21.
The Minister further said that there is no proposal under consideration of the Government for setting up of a Digital Banking Infrastructure Corporation (DBI). As per inputs from banks, some PSBs have held discussions to set up a corporation to create a common digital infrastructure platform as a joint initiative of the banks, with a view to enable enhanced access to consumers and businesses for credit offerings.
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