During the COVID-19 pandemic, the country's top banks sourced a substantial amount of fresh business, in terms of new deposit accounts and loans, through their digital channels. We have compiled data from four private banks— Kotak Mahindra Bank, Axis Bank, ICICI Bank and RBL Bank — and from State Bank of India to understand how their respective digital channels have aided their growth in the deposit and lending business. Although several private and public sector banks that alluded to witnessing better sourcing through digital channels, but did not publish detailed statistics on the same. Here is a summary of our findings based on data disclosed in the respective investor presentations: State Bank of India SBI's flagship mobile-banking app, YONO, has successfully helped the bank grow its deposit and lending business since its inception in November 2017. According to its recent investor…
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