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The rating firm said COVID-19 restrictions have been a boost for India's major digital payment system Unified Payment Interface (UPI).
‘Top-tier banks well-placed to deal with tech disruptions’ January 18, 2021 × But banks’ low profitability and weak asset quality present difficulties in boosting digitalisation, says S&P Global Digital disruption poses a relatively low risk to India’s top-tier banks’ long-standing market position, according to S&P Global Ratings. “We believe India’s top-tier private-sector banks and State Bank of India (SBI) are well-placed to deal with tech disruptions, given their dominant market positions and continued investments in technology,” said credit analyst Deepali Seth-Chhabria...
Top-tier Indian banks lead digital change: S&P ANI | Updated: Jan 18, 2021 17:54 IST In a report titled 'Tech Disruption in Retail Banking,' it said COVID-19 restrictions have been a boost for Unified Payment Interface (UPI). The value of transactions processed via the UPI almost doubled in June to November 2020 from the same period a year ago. "We expect this shift in consumer preferences to remain. Rising smartphone penetration, increasing internet connectivity, and the young, tech-savvy demographic segment present vast opportunities in India for existi...
S&P Global Ratings on Monday said India's banking system's low profitability and weak asset quality present some difficulties in significantly boosting digitalisation for several state-owned and smaller private-sector banks.