SBI leads MeitY Digital Payment Scorecard

State Bank of India has recently declared that it has topped the digital payment scorecard of Ministry of Electronics and Information Technology (MeitY) for the third consecutive month with 54 crore transactions on the Unified Payments Interface (UPI) platform and a user base of 31.5 crore.

SBI processed 636 crore transactions through its digital platforms, which are 67% of its total transaction volume. The bank accounts for a fourth of all mobile banking transactions in India and its net banking is used by over 8.5 crore customers which is the highest traffic in its segment.

According to a statement issued by the bank, over 10 lakh personal loans amounting to Rs. 15,996 crore were disbursed during the current financial year (April to December, 2020) through its Yono app. Yono Krishi, a platform for farmers, witnessed around 7.8 lakh ‘agri gold’ loans worth Rs. 12,035 crore sanctioned in the third quarter of the current fiscal.