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Airtel Payments Banks is India’s best bank in terms of digital transaction achievements, says MeitY

June 26, 2019
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MeitY study ranks Airtel Payments bank as the top bank in terms of meeting digital transactions target during 2018-19.

As per the recent report released by the Ministry of Electronics and Information Technology (MeitY) on digital transactions, Airtel Payments Bank has been ranked as the number 1 bank in India in terms of digital transactions target achievement in FY 2018-19.

In a summary of the performance of 56 banks in India, the results showed that Airtel Payments Bank ranked number 1 and achieved 211.66 per cent of its digital transactions target. It was followed by FINO Payments Bank and Paytm Payments Bank which overshot their targets by 209.31 per cent and 122.95 per cent, respectively. The evaluation was done on several parameters, including the volume of transactions, the number of terminals for Aadhaar-based merchant payments deployed by them, and the average success rate of digital transactions.

The overall digital transactions of 211.6 per cent  done through Airtel Payments Bank include transactions made via UPI, debit card, mobile banking, net banking, prepaid card, PPI, NEFT among other methods.

For FY 2018-19, MeitY had set up an overall target of processing 30 billion digital transactions aligned to the Government’s Digital India mission. The industry has grown remarkably in the last few years and has exceeded the target by 4 per cent since last year. This indicates a big boost for the digital payment segment in the country.

Commenting on the development, Anubrata Biswas, managing director and chief executive officer, Airtel Payments Bank, said “We are delighted to be the no.1 Bank in India in terms of achieving the digital transactions target set by MeitY. This ranking reaffirms our focus on taking convenient digital banking services to the doorstep of every Indian. We will continue to make efforts towards sustaining this solid momentum and contribute to the Government’s vision of Digital India and financial inclusion.”

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