India's nationwide lockdown due to the COVID-19 pandemic led to a spike in digital banking. By June, multiple banks had switched to video KYC to onboard new customers, and some digital banking figures increased as people got stuck as home. We have compiled the digital banking numbers from the April-June period from four private banks — Axis Bank, ICICI Bank, Yes Bank, and Kotak Mahindra Bank — and from State Bank of India, to get a picture of the transformation. Here is a summary of our findings: Axis Bank With the pandemic accelerating in India and a nationwide lockdown in place, 75% and 65% of Axis Bank's fixed deposits and personal loan disbursements in Q1 were sourced via digital channels. Spends via mobile banking increased 174% YoY in Q1. The share of digital transactions among overall transactions stood at 87% at the end of June. "Our digital channels help us serve our customers during the COVID period. After an initial dip, activity and transaction volumes of digital channels are now back to pre-COVID levels. In fact, in certain areas, such as fixed deposit and mutual funds, we saw growth of 20%-plus on the digital channel through the COVID period," Amitabh Choudhury, MD and CEO of Axis Bank said on the Q1 investor call. UPI: Axis Bank claimed a 19% market share in the UPI payments space. Transactions by volume: 672 million, up 163% YoY Transactions by value: ₹66,160 crore, up 83% YoY Virtual Payment Addresses: 109 million Credit and Debit…
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