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ICICI Bank, HDFC Bank, Fino Bank lead the pack

ICICI Bank, HDFC Bank and Fino Payments Bank are the leaders among Indian banks in enabling digitization of the country’s payment ecosystem in February 2020, according to a ranking chart issued by the ministry of electronics and information technology (MeitY). The ranking leaves defines the performance of leading banks like Bank of Baroda, Citibank, Kotak Mahindra Bank and Federal Bank as ‘average’. It has described the performance of Deutsche Bank, Union Bank of India and Bandhan Bank as ‘unsatisfactory’. ICICI Banks, HDFC Bank were ranked first and second respectively with scores of 79 out of 100 and Fino Bank third with a score of 76. Oriental Bank of Commerce and Axis Bank took fourth and fifth rank closely followed by State Bank of India with a score of 72 on 100. The ministry did the ranking on multiple factors like percentage of digital transactions achieved, UPI and Aadhaar Enabled Payment Systems activation (AePS) and the digitization of the respective merchant networks of these banks. A total of 14 banks which scored above 66 were deemed ‘good’ whereas 27 banks with scores between 47-64 were deemed ‘average’ and 9 banks with scores below 44 were called out for being ‘unsatisfactory’.

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