MeitY ranks HDFC Bank, FINO and Paytm Payments Bank as top banks for July

The Ministry of Electronics and Information Technology (MeitY) has ranked HDFC Bank, FINO Payments Bank and Paytm Payments Bank (PPB) as the top three banks in the month of July, based on their performance to drive digital payment transactions. 

The scores are based on the performance of the banks against targets assigned to them which includes – total digital transactions achieved, merchant deployment, active merchants, as well as, successful UPI and AePS transactions.

Based on the digital transactions achieved, HDFC Bank achieved 110 percent of the target assigned to it, with an overall score of 71. While FINO Payments Bank scored 70 by achieving 196 percent of its target, PPB was given a score of 69 and achieved 102 percent of the target.

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Of the 51 banks listed, MeitY also ranked HSBC, ICICI Bank, IDBI Bank and Canara Bank's performance as ‘Good’. 

In March 2019, MeitY sent a letter to the Chairmans, CEOs and MDs of different public and private sector banks, allotting digital payment transactions and acquisition targets of various banks. Most of the banks have been assigned different targets depending on their size and reach. 

The letter was reviewed by YourStory, at the time of publishing this article.

According to the letter, MeitY has set a target of 4,019 crore digital payment transactions for FY20, of which 3,411 digital payment transactions are allocated to banks. 

Over the course of FY20, banks such as, State Bank of India (SBI), PPB and ICICI Bank have been allocated steep targets of 768.76 crore; 501.16 crore and 280.24 crore digital payment transactions, respectively.

In addition, acquirer banks have also been given a merchant acquisition target of 85 lakh merchants on digital modes of Point-of-Sale (PoS), mobile PoS, QR, UPI and wallets in rural, as well as, north-eastern geographies. 

According to MeitY, banks are also expected to maintain at least 50 percent of their total merchant base as active in urban or Tier 1 and Tier 2 geographies. 

(Edited by Suman Singh)

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