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TMI BlogMeasures taken to facilitate digital bankingX X X X Extracts X X X X X X X X Extracts X X X X ..... Measures taken to facilitate digital banking X X X X Extracts X X X X X X X X Extracts X X X X ..... from 29% in FY 2018-19 to 76% in FY 2020-21 The Government has taken a number of steps to facilitate digital banking, doorstep banking services and digital lending platforms. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha. Giving details of the steps, the Minister stated that these include, inter-alia, the followi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng: * Initiation of digital lending has been made contactless through PSBloansin59 minutes.com, 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 Discoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting System (TReDS) platform and the proportion of online discounted bills has grown rapidly. * Government'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 inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rease in the average number of services offered (43), customer-friendly features (135) and regional 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ); (iii) Digital retail loan request initiation through digital channels has been enabled in all the seven 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 disburseme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts by the seven larger PSBS in the financial year (FY) 2020-21. As a result, the Minister stated, nearly 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% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in FY2018-19 to 76% in FY2020-21. * PSB Alliance, an initiative of all PSBs and Indian Banks' Association, has launched doorstep banking services for all customers, including senior citizens, through call centre (1800-121-3721 and 1800-103-7 188), web portal (https://psbdsb.in/ and https://doorstepbanks.com/) mobile app (Google Play Store). At present 13 services are being offered in 100 cit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies across the country, which include cash withdrawal or deposit, pick-up of cheque or demand draft or pay order etc., pickup of cheque-book requisition slip, pickup 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 said that there is no proposal under considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Government for setting up of a Digital Banking Infrastructure Corporation (DBI). As per inputs 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. X X X X Extracts X X X X X X X X Extracts X X X X
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