According to Bank Statistics monthly report released by RBI yesterday, HDFC Bank stands at number one position when it comes to number of e-transactions taking place in India, while SBI is ahead in terms of value of transactions.
ICICI Bank, even though has largest network of Bank branches in India comes in at number number 3 behind HDFC and SBI in number of transaction, while in value of transactions it is even lower that Citibank in India.
Top 5 Banks for E-Transactions
| Bank Name | July Transaction (nos.) | July 10 Value (in crore rupees) |
| HDFC Bank | 2,709,766 | 18252 |
| SBI | 2607379 | 22330 |
| ICICI Bank | 2313405 | 7488 |
| Citibank | 1421619 | 11734 |
| Axis Bank | 1145677 | 6106 |
I am not sure how many of you will agree, but the reason ICICI is not ahead in E-transactions is because there online banking experience sucks. I am a HDFC as well as ICICI customer for over a decade, but my 90% of online transactions happen through HDFC.
Infact, in last 6 months I must have used NEFT feature on HDFC over 50 times, while I don’t remember using it once on ICICI. In the name of security, ICICI bank has made the life difficult for its customers. Not only do they have strict guidelines on password (bordering ridiculousness), but they have different set of password for transactions as well as login. The ICICI bank is so slow, that it becomes painful sometimes. Even if you want to use ICICI Bank for online payment through different site, it is too difficult.
While ICICI Bank has grown tremendously over past decade, their customer experience (Online as well as offline) is below par.
On the other hand, HDFC bank’s experience has been rather pleasant, especially while carrying out E-Transactions. I guess, that probably is the reason why HDFC boasts largest number of transactions. Also, less transaction value per transaction also shows that HDFC is used more by individuals rather than corporates.
What’s your take ?