CURRENT AFFAIRS

Detailed explanation-1: -The Digital Payment Scorecard tracks the performance of Commercial Banks on various digital parameters. SBI registered the highest UPI transaction volume of nearly 64 crores, and it has processed 67% of the bank’s total transaction volume digitally.

Detailed explanation-2: -ICICI Bank’s e-wallet, Pockets, topped the list of digital payment brands in India, followed by HDFC Bank’s PayZapp, and Google Pay, based on their Net Promoter Score (NPS), which measures brand perception and customer experience and is considered a predictive metric for business growth.

Detailed explanation-3: -Ministry of Electronics & Information Technology (MeitY), Digital Economy & Digital Payment Division has been entrusted with the responsibility of leading this initiative on “Promotion of Digital Transactions including Digital Payments”.

Detailed explanation-4: -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”.

Detailed explanation-5: -UPI: Revolutionizing Digital Payments Launched in 2016, it has emerged as one of the most popular tools in the country for carrying out digital transactions. UPI is an instant payment system developed by the National Payments Corporation of India (NPCI).