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TMI BlogNearly 72% of financial transactions of PSBs done through digital channelsX X X X Extracts X X X X X X X X Extracts X X X X ..... Nearly 72% of financial transactions of PSBs done through digital channels - News and Press Release Dated:- 19-7-2021 - News - Nearly 72% of financial transactions of PSBs done through digital channels Share of financial transactions undertaken through home and mobile channels increased from 29% in FY2018-19 to 76% in FY2020-21 The Government has taken a number of steps to facilitate di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gital banking, doorstep banking services and digital lending platforms. This was stated by Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in the Lok Sabha today. Giving more details, the Minister stated that these services include, inter-alia, the following: Initiation of digital lending has been made contactless through PSBloansin59minutes.com , ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... using triangulation of credit bureau, income-tax and goods and services tax (GST) data, to provide online in principle approval for MSME loans. Online bill discounting for MSMEs has been enabled on a competitive basis through Public Sector Banks (PSBs) onboarding onto the Trade Receivables Discounting System (TReDS) platform and the proportion of online discounted bills has grown rapidly. G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overnment s Jeevan Pramaan initiative for pensioners has enabled senior citizen pensioners the facility to update their annual life certificate online. Under the Government-initiated PSB Reforms Agenda,- (i) Enhanced access to Mobile and Internet banking has been enabled through an increase in the average number of services offered (43) , customer-friendly features (135) and regional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... language customer-interface (8) ; (ii) End-to-end automated digital lending has been introduced in larger PSBs for unsecured personal loans (in five PSBs), loans to micro-enterprises ( Shishu Mudra , in five PSBs) and renewals of loans to micro, small and medium enterprises (in three PSBs); (iii) Digital retail loan request initiation through digital channels has been enabled in all the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even large PSBs, with retail disbursements from loan requests so initiated in the financial year (FY) 2020-21 amounting to ₹ 40,819 crore ; (iv) Customer-need-driven, analytics-based credit offers have been given an impetus, resulting in ₹ 49,777 crore of fresh retail loan disbursements by the seven larger PSBs in the financial year (FY) 2020-21. As a result, near ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly 72% of financial transactions of PSBs are now done through digital channels, with doubling of customers active on digital channels from 3.4 crore in FY2019-20 to 7.6 crore in FY2020-21, and the share of financial transactions undertaken through home and mobile channels has increased from 29% in FY2018-19 to 76% in FY2020-21. PSB Alliance, an initiative of all PSBs and Indian Banks Associat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, has launched doorstep banking services for all customers, including senior citizens, through call centre (1800-121-3721 and 1800-103-7188), web portal ( https://psbdsb.in/ and https://doorstepbanks.com/ ) mobile app (Google Play Store). At present 13 services are being offered in 100 cities across the country, which include cash withdrawal or deposit, pick-up of cheque or demand draft or pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order etc., pick-up of cheque-book requisition slip, pick-up of income-tax forms no. 15G/15H, pick-up of income-tax/GST challan, and delivery of tax deduction at source (TDS) and Form-16 certificates for income-tax purposes. The Minister further stated that there is no proposal under consideration of the Government for setting up of a Digital Banking Infrastructure Corporation (DBIC). As per in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... puts from banks, some PSBs have held discussions to set up a corporation to create a common digital infrastructure platform as a joint initiative of the banks, with a view to enable enhanced access to consumers and businesses for credit offerings. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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