Our country’s biggest lender State Bank of India has seen increase in the number of transactions happening in multiple digital channels, with the percentage moving from 60% at the pre-pandemic period to 67% now, the Chairman Dinesh Khara said. The risen in the number of digital transaction it means the bank was driven in e-commerce during the pandemic induced lockdown, which restricted movement.
They introduced a digital lending platform – YONO has achieved larges growth during the current financial year. There are 35 million registered users of YONO and the bank opening over 35,000-40,000 savings accounts per day with the help of the mobile app. My point of view digital transaction is reason for increasing new fresh bank accounts opening. E-commerce is a mile stone for digitalising future. And SBI platforms also helps in distributing products of the bank subsidiaries including SBI Life Insurance, SBI General Insurance and SBI Card and SBI Mutual Fund.