Bank of Baroda, announced that the bank has Ranked #1 with a total of 86% marks on the scorecard issued by the Ministry of Electronics and Information Technology (MeitY) for the month of 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. In the same period last year, BOB was rated “Average” by Meity, which has now been upgraded as “Good”.
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% of 137 Cr. Digital transactions target)
- Achievement of 6 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 % of Technical Declines of UPI from 0.59% in FY 2019-20 to 0.29% in FY 2020-21.
- The declining ratio is the 2nd lowest amongst all large banks.
- Reduction in average % of Technical Declines of Aadhaar Enabled Payment Systems activation from 0.39% in FY 2019-20 to 0.12% in FY 2020-21.