Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Southern States are outshining the rest of India in mobile banking adoption in savings accounts, according to a report by The Boston Consulting Group (BCG). The report was prepared in association with FICCI and Indian Banks’ Association. Telangana tops the table with 10% of savings bank accounts having at least one mobile banking transaction in the last six months of FY18, according to the report. This is followed by Andhra Pradesh (6.30%), Karnataka (5.50%), Puducherry (5.80%), Tamil Nadu (5%) and Kerala (4.70%). The all-India average is 3.40%. The report had a sample size of more than 2,600 respondents and BCG factored in 34 banks across four segments — 15 medium PSU banks; six large PSU banks and five new private banks. Mobile banking activation stood at 21% for private banks and 3% for PSU banks for FY18, the consulting firm said in the report.
