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With increasing penetration of smart phones, data connectivity and internet facilities in urban pockets in the country, bank transactions are rapidly shifting from ATM to digital, informed top official of the private sector lender, Axis Bank here.
Rajiv Anand, Group Executive & Head–Retail Banking, Axis Bank informed that online transactions are increasing rapidly. “Till a few years back, ATMs had majority share in overall cash transactions, but now it has reduced to half at 50 per cent, mobile and netbanking has increased from 15 per cent to 30 per cent now. Only 20 per cent cash transactions happen through branches,” said Anand, who inaugurated the bank’s 2500th branch in Ahmedabad on Thursday.
Hinting at the pace of growth in the mobile banking, Anand mentioned that in a span of past few months transactions through mobile phones has increased sharply to over Rs. 1000 crore now.
“Transactions through mobiles are growing at the pace of about 4-5 times every month,” he said adding that the sharp growth is attributed to increasing access to smartphones and data connectivity in the urban centres mainly the Metros.
Giving details about bank’s Gujarat operations, Sanjay Silas, executive vice-president, Regional distribution head-West, said, “Gujarat has about 236 branches and 31 per cent of that is in rural areas. Our 68 branches are in unbanked areas and that remains the focus for us.”
The bank has deposits of about Rs. 17,000 crore and advances of Rs. 15,000 crore in Gujarat. According to Axis Bank officials, Gujarat’s deposit growth is higher at 23 per cent than overall deposit growth for the bank in India at about 20 per cent.
The bank plans to open 13 more branches in the state during the current fiscal.
Source : The Hindu
Rajiv Anand, Group Executive & Head–Retail Banking, Axis Bank informed that online transactions are increasing rapidly. “Till a few years back, ATMs had majority share in overall cash transactions, but now it has reduced to half at 50 per cent, mobile and netbanking has increased from 15 per cent to 30 per cent now. Only 20 per cent cash transactions happen through branches,” said Anand, who inaugurated the bank’s 2500th branch in Ahmedabad on Thursday.
Hinting at the pace of growth in the mobile banking, Anand mentioned that in a span of past few months transactions through mobile phones has increased sharply to over Rs. 1000 crore now.
“Transactions through mobiles are growing at the pace of about 4-5 times every month,” he said adding that the sharp growth is attributed to increasing access to smartphones and data connectivity in the urban centres mainly the Metros.
Giving details about bank’s Gujarat operations, Sanjay Silas, executive vice-president, Regional distribution head-West, said, “Gujarat has about 236 branches and 31 per cent of that is in rural areas. Our 68 branches are in unbanked areas and that remains the focus for us.”
The bank has deposits of about Rs. 17,000 crore and advances of Rs. 15,000 crore in Gujarat. According to Axis Bank officials, Gujarat’s deposit growth is higher at 23 per cent than overall deposit growth for the bank in India at about 20 per cent.
The bank plans to open 13 more branches in the state during the current fiscal.
Source : The Hindu
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