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SBI sees 300% surge in digital payments

Point of Sale (PoS) transactions in State Bank of India surged 300 per cent in numbers and 200 per cent by value, indicating that digital transactions have really gone up, SBI chairperson Arundhati Bhattacharya said on Thursday.

Mail Today Bureau   New Delhi     Last Updated: November 25, 2016  | 09:28 IST
SBI sees 300% surge in digital payments

Point of Sale (PoS) transactions in State Bank of India surged 300 per cent in numbers and 200 per cent by value, indicating that digital transactions have really gone up, SBI chairperson Arundhati Bhattacharya said on Thursday.

Digital transactions have really gone up in the sense that if you look at my PoS transactions, it is 300 per cent up in numbers and 200 per cent by value, Bhattacharya told journalists in Coimbatore in response to a query on increase in cashless transactions in SBI.

"If you take a look at the wallet, the wallet download is hugely up. In fact, we have never seen so many wallet downloads, which itself is more than 100 per cent," PTI quoted her as saying.

Typical transaction levels have surged and there is a huge demand. A lot of people are coming to SBI for PoS machines, she said

"For instance, the Bombay Doctor's Association had yesterday requested the bank for 650 PoS machines for use in doctors' chambers. Similarly, a lot of corporates were asking for Impress Cards for low value payment to many of their contract workers, even for people like drivers who were given cash to tank up cars. They can be given Impress cards as there was a 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 there was a lot of activity currently going on for installing PoS machines and issuance of cards. To a query on deposits made in banks following demonetisation, the SBI chairperson said 15 per cent may remain in the bank and the balance circulated in the economy.

"The amount that is coming into the bank (from public) will not remain with it. We expect around 10 to 15 per cent of it to remain in the bank, but the rest will have to go back because they were in the economy," Bhattacharya said.

Asked if there would be a decrease in lending rates from banks, she said banks follow a time table on certain things. "So we have to see what is the cost of deposits on the 24th of each month and thereafter, the cost of lending will be determined on 1st of next month. This is what we are doing," she explained.

On recalibration of ATMs to dispense new currencies, she said 60 per cent of the ATMs were recalibrated and the remaining would be completed in five days.

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