Nearly 72% of financial transactions of Public Sector Banks (PSBs) are now done through digital channels, with customers active on digital channels having doubled from 3.4 crores in FY2019-20 to 7.6 crores in FY2020-21. 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.
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.
The Minister further enumerated a number of steps that have been taken to facilitate digital banking including, inter-alia: -
(2) Government’s Jeevan Pramaan initiative for pensioners has enabled pensioners the facility to update their annual life certificate online.
(3) Initiation of digital lending has been made contactless through PSBloansin59minutes.com, using triangulation of credit bureau, income-tax and goods and services tax (GST) data, to provide online in-principle approval for loans to Micro, Small and Medium Enterprises (MSMEs), home loans, personal loans, and automobile loans.
(4) Online bill discounting for MSMEs has been enabled on a competitive basis through the onboarding of PSBs onto the Trade Receivables Discounting System (TReDS) platform.
Link to Official Press Release: PIB (https://pib.gov.in/PressReleasePage.aspx?PRID=1744521)
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