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05 Mar 2024, Edition - 3157, Tuesday

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Digital transactions in banking sector going up: SBI chairperson

Covai Post Network


PoS (point of sales) transactions in the State Bank of India (SBI) are up 300 per cent in numbers and 200 per cent by value, indicating that digital transactions in the banking sector have gone up, its chairperson Arundhathi Bhattacharya said today.

“Digital transactions have really gone up in the sense that if you look at my PoS transactions – it is up 300 per cent in numbers and 200 per cent by value,” Bhatacharya told reporters in response to a question on how much of an increase the bank has seen in cashless transactions.

“If you look at the wallet – the wallet download is hugely up. In fact, we have never seen this many wallet downloads – that itself is more than 100 per cent. Typical transaction levels have gone up hugely, not only that we are seeing a lot of demand. A lot of people are coming to us for PoS machines,” she said.

For instance, the Bombay Doctors’ Association yesterday has requested the bank for 650 PoS machines for use in doctors’ chambers, she said.

Similarly, a lot of corporates were asking for Impress Cards for low value payment to many of their contract workers. Also these Impress Cards can be given to people like drivers who otherwise need to be given cash to fill petrol in cars. So there was lot of demand for cards and PoS machines, Bhattacharya said.

SBI is installing 3,600 PoS machines at various toll plazas so people can use cards instead of cash at the tolls, she said, adding that there was a lot of activity currently going on for installing of Pos machines and issuance of cards, Bhattacharya said.

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