Bank of Baroda has ranked number 1 with a total of 86% marks on the scorecard issued by the Ministry of Electronics and Information Technology (MeitY) for February and March 2021. The scorecard ranks 44 banks (public sector banks, private banks, foreign banks, payments banks, small finance banks) on various parameters on the digital business.
This overall rating is based on multiple factors where the bank has scored above average, which include: exceptional growth of digital payment transactions achievement (129% of 137 crore digital transactions target), achievement of six times the target for merchant acquiring in rural geography target (16,100), achievement of 124% merchant acquiring in north-eastern states target (6,900), reduction in average percentage of technical declines of UPI from 0.59% in FY 2019-20 to 0.29% in FY 2020-21 and reduction in average percentage of technical declines of Aadhaar Enabled Payment Systems (AEPS) activation from 0.39% in FY 2019-20 to 0.12% in FY 2020-21.
The other major parameters where the bank scored high were system resilience, grievance handling, digitization index, acceptance infra and compliance. With the robust infrastructure in place and the specific management focus, the bank is ready for carrying this exceptional performance forward and implementing new digital initiatives and NPCI projects (viz. UPI: Numeric Mapper, e-RUPI Phase 2, UDIR Acquirer, International Acquirer, etc.) in future.
