Bank of Baroda Tops MeitY Digital Payment Scorecard

Bank of Baroda announced that the bank has ranked number 1 with a total of 86 per cent 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 was based on multiple factors where the Bank scored above average. These factors consist of the following: 

The exceptional growth of digital payment transactions achievement (129 per cent of 137 Cr. Digital transactions target, achievement of 6 times the target for merchant acquiring in rural geography target (16,100), achievement of 124 per cent merchant acquiring in North-Eastern States target (6,900), reduction in average per cent of Technical Declines of UPI from 0.59 per cent in FY 2019-20 to 0.29 per cent in FY 2020-21. The declining ratio is the 2nd lowest amongst all large banks, and reduction in average per cent of technical declines of Aadhaar Enabled Payment Systems activation from 0.39 per cent in FY 2019-20 to 0.12 per cent in FY 2020-21.

Moreover, the other major parameters where the bank scored high were system resilience, grievance handling, digitisation 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.

Speaking on the achievement, Mr. Ajay Khurana, Executive Director said “Our number one position in the MeitY Digital Payment Scorecard is a recognition of Bank of Baroda’s future readiness for emerging business paradigms in a digitised world. The score is especially significant in the pandemic year, where the country has rapidly shifted to digital channels to reduce all forms of physical contact in its bid to contain the spread of Covid-19.”

Mr. Akhil Handa, Chief Digital Officer added, “Banking is actively listening to what the customers need and the number 1 ranking on the digital scorecard helps reaffirm our commitment to customers’ needs and expectations. The Bank has many more digital products in the pipeline which are going to provide digital banking and beyond experience for the customers”. In the same period last year, Bank of Baroda was rated “Average” by Meity, which has now been upgraded as “Good”.