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PNB reports 1.03M BHIM users in Q1FY19; mobile banking users up 62% YoY

Punjab National Bank (PNB) has reported operating profit of Rs 4195 crore for the quarter ending June 30th 2018 (Q1 FY19), representing growth of 30.4% from the sam period last year. However, similar to the last quarter, the private sector lender hasn’t given much information on its digital performance, but here’s what we have: Internet Banking & Mobile Banking – Mobile Banking: The bank reported 12.5 million users in Q1 FY19, up a staggering 62% from the corresponding quarter last year. – Internet Banking: The bank reported 13.2 million users at the end of June 30th 2018, up 37% on year. UPI – BHIM users: PNB reported around 10.3 lakh (1.03 million) users on UPI via the NPCI owned BHIM application, up 8.4% from around 950,000 users at the end of the last quarter. eKYC PNB opened 7.67 million bank accounts using Aadhaar based eKYC during the quarter, as compared to the 7.46 million accounts in Q4 FY18. Direct Benefits Transfer PNB processed about 219.6 million transactions of Aadhaar linked direct benefit payments transfers through the NPCI, up from around the 197.41 such transactions it recorded in the quarter ending March (Q4 FY18). The amount transferred, however, remains unclear as the bank said it processed an amount of Rs 7,502 as against Rs 6,430 it processed in the previous quarter. It’s possible that PNB missed adding a unit to this data. Rupay Cards issued PNB issued 17 million Rupay cards, up from the 15.9 million such cards, it issued in the last…

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