New Delhi: Indian Bank aims to exceed Rs 1 lakh crore in digital transactions, MD & CEO Shanti Lal Jain stated. “We have reached Rs 81,000 crore and we will try to cross at least Rs 1 lakh crore (of business through digital transactions),” Jain said responding to a query. The last financial year saw a 4% increase in digital transactions to 89% overall in FY23-24 compared to 85% in FY23.
The public sector bank reported a net profit surge of 55% to Rs 2,247 crore for the January-March 2024 quarter, up from Rs 1,447 crore last year.
Jain cited the bank’s diverse modes of operation, such as mobile banking, internet banking, website banking, and assisted journeys, which have helped accommodate increased digital transactions and minimise branch visits.
For the current fiscal year, Jain said the bank aims for a recovery target of Rs 7,000 to Rs 8,000 crore, building upon the previous year’s successful recovery of Rs 8,800 crore.
