J&K Bank among 5 toppers in digital payment transactions
While falling in line with the national mission, ‘Digital India campaign’, J&K Bank has figured among top 5 banks in achieving targets in digital payment transactions. Pursuing an annual target of 4 crore digital transaction for the current financial year, 2018-19, the bank has captured 1.17 crore digital payment transactions in the first quarter of the current financial year ended June 2018.
Citibank, Standard Chartered Bank, Yes Bank and Paytem Payments Bank are among the top five banks promoting the digital transactions.
Notably, the bank has a robust digital banking platform wherein it offers mobile banking facilities through mPay, e-banking, Unified Personal Interface (UPI), Point of Sale (PoS) facility, credit/debit cards, mobile wallets, etc.
Commenting on this, J&K Bank chairman & CEO, Parvez Ahmed said: “We are committed in our efforts for promoting a less cash economy and to provide the facility of seamless digital payment to all in a convenient manner. We have placed state-of-art infrastructure in place to achieve the DIGIDHAN mission and also ensure that the digital money empowers the poor. We are localising digital channels so as to facilitate the customers in J&K with digital payment transaction.” He assured that the bank shall be surpassing the given targets at the end of the financial year.
According to “DigiDhan Dashboard, Ministry of Electronics and Information Technology (MeitY), Govt of India”, total digital payment transactions from April, 2018 were recorded by all banks together at 741.58 crore as on 09-08-2018. Pertinently, to monitor the growth of digital payments, MeitY has developed “Digidhan Dashboard”, a platform for accurate reporting, monitoring and analysis of all digital payments transactions occurring in the country. Notably, all banks together had recorded 2070.98 Crore digital payment transactions in the last financial year 2017-18.
This year, the Government has set the target of 3000 Cr. digital payment transactions to banks and digital wallets. Out of these, 4 crore digital payment transactions stand allocated to J&K Bank for the said financial year.