Nearly 72 per cent of financial transactions of Public Sector Banks are now done through digital channels. Minister of State for Finance Dr Bhagwat Karad said this in a written reply in Rajya Sabha. Customers active on digital channels have doubled from 3.4 crore in 2019-20 to 7.6 crore in 2020-21.
Nearly 72 pc of financial transactions of Public Sector Banks are now done through digital channels
The Minister stated that the license for banking is given by the Reserve Bank of India and RBI has informed that it is not considering a separate licensing category for digital banks at present.
Digital retail loan request initiation through digital channels has been enabled in all the seven large Public Sector Banks, with retail disbursements from loan requests initiated in 2020-21 amounting to 40 thousand 819 crore rupees.