Digital banking surges due to COVID-19 outbreak
Kochi: It seems that the people have shifted to secure digital banking services due to the COVID-19 outbreak. There has been an increase of 20- 40 percent increase in digital banking during the lockdown period.
Most of the customers are trying to avail banking facilities without visiting the branches under the current circumstances. Even after relaxation of certain regulations, the footfall in the bank offices remains low.
Apart from cheque clearance and money depositing, almost all other services are availed online by the customers. Compared to senior citizens, more youngsters tend to visit the banks.
Prakash Sukumaran, Assistant General Manager of SBI Digital Banking wing, said that due to COVID there has been an increase of 20- 35 percent in digital transactions and also 15-20 percent increase in the use of YONO app of SBI.
Similarly, there has been a 30 percent increase in digital transactions at Federal Bank. 73 percent transactions in South Indian Bank take place digitally. There has been a similar increase in digital transactions at Canara bank as well.
More people prefer to use online payment options such as Google Pay and Paytm to pay their bills. Reserve Bank has estimated that digital banking in India will go up by four times by 2021.