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%…
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