Nearly 72% of financial transactions of Public Sector Banks (PSBs) done through digital channels

Nearly 72% of financial transactions of Public Sector Banks (PSBs) are now done through digital channels, with customers active on digital channels having doubled from 3.4 crore in FY2019-20 to 7.6 crore in FY2020-21.

This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha on August 10.The Minister stated, however, that the license for banking is given by the Reserve Bank of India (RBI) and RBI has informed that it is not considering a separate licensing category for digital banks at present.