HDFC Bank customers are more open to using technology for monetary transactions, according to the Reserve Bank of India's monthly data on electronic transactions.
The bank holds a sizable lead over competitors in the number of National Electronic Funds Transfer (NEFT) based transactions. In July, the bank recorded more than 27 lakh transactions on the NEFT system, 1 lakh more than its nearest competitor, State Bank of India.
The nearest private sector competitor is ICICI Bank, which reported a little more than 23 lakh electronic transactions.
The RBI has been actively promoting the use of the NEFT system due to its advantages such as better traceability, efficiency, speed and safety. The system is primarily used for person-to-person money transfer over the Internet.
HDFC Bank and SBI also hold the top spots in the value of electronic transactions taking place. According to RBI July data, the value of HDFC Bank's total inbound and outbound electronic transactions stands at Rs 18,252 crore, while for SBI, it stands at Rs 22,329 crore. SBI's transaction values are aided by the massive Rs 17,762 crore of funds being credited in customer accounts through the electronic mode.
In the May-July period, HDFC Bank continued to be on top of the pile, in terms of number of transactions taking place via the electronic mode. The bank had nearly 24 lakh electronic transactions in June and 22 lakh transactions in May, according to the RBI data.
Private player Citibank has also been registering high-value electronic transactions. Despite the number of transactions being nearly half that of ICICI Bank, Citibank's value of electronic transactions is higher. According to the RBI data, Citibank's total value of inbound and outbound electronic transactions stands at Rs 11,733 crore for July, significantly higher than ICICI Bank's Rs 7,487 crore.
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