Around 72% Of Financial Transactions Of Public Sector Banks Now Done Through Digital Channels: Govt Tells Rajya Sabha

In a written reply to a question in Rajya Sabha, Union Minister of State for Finance Dr Bhagwat Kisanrao Karad informed that nearly 72 per cent of financial transactions of Public Sector Banks (PSBs) are now done through digital channels.

Furthermore, customers active on digital channels having doubled from 3.4 crore in FY2019-20 to 7.6 crore in FY2020-21.

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.

He also highlighted the role of various steps of the governments such as Jeevan Pramaan initiative for pensioners, PSBloansin59minutes.com, Trade Receivables Discounting System (TReDS) platform among others which have facilitated a marked shift towards digital channels.