Mumbai : Bank of Baroda, the Best Technology Bank* 2021, announced that the bank has Ranked #1 with a total of 86% marks on the scorecard issued by Ministry of Electronics and Information Technology (MeitY) for the month of February and March 2021. The scorecard ranks 44 banks (Public Sector Banks, Private Banks, Foreign Banks, Payments Banks, Small Finance Banks) on various parameters on the digital business.
This overall rating was based on multiple factors where the Bank scored above average. These factors consist of the following:
- Exceptional growth of digital payment transactions achievement (129% of 137 Cr. Digital transactions target)
- Achievement of 6 times the target for merchant acquiring in Rural geography target (16,100)
- Achievement of 124% merchant acquiring in North-Eastern States target (6,900)
- Reduction in average % of Technical Declines of UPI from 0.59% in FY 2019-20 to 0.29% in FY 2020-21. The decline ratio is the 2nd lowest amongst all large banks.
- Reduction in average % of Technical Declines of Aadhaar Enabled Payment Systems activation from 0.39% in FY 2019-20 to 0.12% in FY 2020-21
Moreover, the other major parameters where the Bank scored high were system resilience, grievance handling, digitization index, acceptance infra and compliance. With the robust infrastructure in place and the specific management focus, bank is ready for carrying this exceptional performance forward and implementing new digital initiatives and NPCI projects (viz. UPI: Numeric Mapper, e-RUPI Phase 2, UDIR Acquirer, International Acquirer, etc.) in future.
Speaking on the achievement, Mr. Ajay Khurana, Executive Director said “Our number one position in the MeitY Digital Payment Scorecard is a recognition of Bank of Baroda’s future readiness for emerging business paradigms in a digitized world. The score is especially significant in the pandemic year, where the country has rapidly shifted to digital channels to reduce all forms of physical contact in its bid to contain the spread of Covid-19.”
Mr. Akhil Handa, Chief Digital Officer added, “Banking is actively listening to what the customers need and the #1 ranking on the digital scorecard helps reaffirm our commitment to customers’ needs and expectations. The Bank has many more digital products in the pipeline which are going to provide a digital banking and beyond experience for the customers”.