Bank of Baroda tops the MeitY Digital Payment Scorecard for 2020-21
Bank of Baroda, announced that the bank has Ranked #1 with a total of 86% marks on the scorecard issued by the 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, and 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:
- The 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 declining 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 in future.