Airtel Payments Banks ranked as India’s No. 1 bank as per MeitY Report

Airtel Payments Bank

As per the recent report released by the Ministry of Electronics and Information Technology (MeitY) on digital transactions, Airtel Payments Bank has been ranked as the No 1 bank in India in terms of digital transactions target achievement in FY 18-19.

Airtel Payments Bank has surpassed its digital transactions targets with over 211% achievement and topped all banks on this parameter.

In a summary of the performance of 56 banks in India, the results showed that Airtel Payments Bank ranked No 1 and achieved 211.66% of its digital transactions target. It was followed by FINO Payments Bank and Paytm Payments Bank which overshot their targets by 209.31% and 122.95% respectively.

The evaluation was done on several parameters, including the volume of transactions, the number of terminals for Aadhaar-based merchant payments deployed by them, and the average success rate of digital transactions.

The overall digital transactions of 211.6% done through Airtel Payments Bank include transactions made via UPI, Debit Card, Mobile Banking, Net Banking, Prepaid Card, PPI, NEFT among other methods.

For FY 2018-19, MeitY had set up an overall target of processing 30 billion digital transactions aligned to the Government’s Digital India mission. The industry has grown remarkably in the last few years and has exceeded the target by 4% since last year. This indicates a big boost for the digital payment segment in the country.

Launched two years ago as a fully digital platform, Airtel Payments Bank now has a vast network of 500,000 neighbourhood banking points across 29 states. Committed to the government’s vision of creating a cashless economy, Airtel Payments Bank offers convenient basic banking including account-opening services, cash deposit, withdrawal, and money deposit facilities.

Recently, Airtel Payments Bank has also enabled BHIM UPI-based payments at over 500,000 merchant points across India, allowing consumers to make digital payments for goods and services by using any BHIM UPI-enabled bank or payments app over their mobile phones.

Anubrata Biswas, MD & CEO – Airtel Payments Bank, said “We are delighted to be the no.1 Bank in India in terms of achieving the Digital Transactions target set by MEITY. This ranking reaffirms our focus on taking convenient digital banking services to the doorstep of every Indian. We will continue to make efforts towards sustaining this solid momentum and contribute to the Government’s vision of Digital India and financial inclusion.”