J&K Bank gets 3rd rank in digital payment transactions

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Jumps ahead of some PSU banks

New Delhi: J&K Bank has reached third position in digital payment transactions, a move affirming the bank’s commitment to Digital India Campaign’ and strengthening its digital footprint.
The data available from ‘DigiDhan Dashboard’ platform of Union ministry of electronics and information technology reveals that the bank has captured 3.21 crore digital payment transactions in the three quarters of the current financial year ended December 2018, surpassing public sector banks like Union Bank of India and Bank of Baroda, a spokesperson of the bank said.
Commenting on the feat, J&K Bank chairman and CEO, Parvez Ahmed said, “The initiatives taken in the direction of digitisation have started to give perceptible results. In line with our envisioned path and expected objectives we are in sync with the larger national vision of digital transformation”
The bank has put in place robust technological infrastructure and digital banking platform which offers mobile banking facilities through mPaY, e-Banking, Unified Payment Interface (UPI), Pointing of sale (PoS) terminals, credit/debit cards, mobile wallets etc for increased convenience of customers and greater transactional security, the spokesperson said.
This year, the GoI has set a target of 3000 crore digital payment transactions to banks and digital wallets. According to ‘DigiDhan Dashboard’, total digital payment transactions from April 1, 2018 were recorded by all banks together at 1998.12 crore as on December 31.
The bank had figured among top five banks by capturing 1.17 crore digital payment transactions in the first quarter of the current financial year
“It is heartening to note that pursuing an annual target of 4 Crore digital transactions for the current financial year 2018-19, the bank is well on track to achieve the said objective.” the chairman added.
To monitor the growth of digital payments, MeitY has developed ‘Digidhan Dashboard’, a platform for accurate reporting, monitoring and analysis of all digital payments transactions occurring in India.

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