Bank Of Baroda Beats HDFC, SBI, ICICI In Digital Payment Scorecard; #1 In Offering e-Payments With 0.29% Decline Rate
As per the recent announcement, Bank of Baroda has Ranked #1 with a total of 86% score on the scorecard issued by the Ministry of Electronics and Information Technology (MeitY) for the months of February and March 2021.
Glory For BOB
Basically, MeitY scorecard ranks 44 banks (Public Sector Banks, Private Banks, Foreign Banks, Payments Banks, Small Finance Banks) on various parameters on the basis of the digital business.
This seems to be a great achievement for the bank since BOB was rated “Average” by Meity for the same period last year, but now has been upgraded as “Good”.
BoB Ratings And Score Board
Coming to this scorecard, it consists of ratings based on multiple factors where the BOB scored above average. It mainly consists of the following factors.
1. The bank showed the exceptional growth of digital payment transactions achievement (129% of 137 Cr. Digital transactions target)
2. The bank has achievement of 6 times the target for merchant acquiring in Rural geography target (16,100)
3. It has achievement of 124% merchant acquiring in North-Eastern States target (6,900)
4. BoB has a reduction in average % of Technical Declines of UPI from 0.59% in FY 2019-20 to 0.29% in FY 2020-21.
5. Also the declining ratio is the 2nd lowest amongst all large banks.
6. The bank has reduced the average % of Technical Declines of Aadhaar Enabled Payment Systems activation from 0.39% in FY 2019-20 to 0.12% in FY 2020-21.
Launch Of BoB World Platform
On Wednesday, the Bank of Baroda launched its new digital banking platform ‘bob World’.
According to the state-owned bank, the new platform is aimed at providing all banking services under one roof.
With this initiative, Bank of Baroda will offer a slew of services.
Basically, BoB is aiming to provide an all-inclusive and seamless virtual banking experience, encompassing all digital banking services under one roof for the convenience of customers.