Biz Updates: Record ₹1,669 lakh crore digital transactions in five months; 2.95 lakh recruitment in top 10 private banks

New Delhi| A record Rs 1,669 lakh crore digital transactions have taken place in the first five months of FY 2024-25. According to the Ministry of Finance, a total of 8,659 digital payments were made in the country from April to August. During this period, transactions worth Rs 101 lakh crore took place from UPI. According to the ministry, the total number of digital payment transactions increased from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24 with a compound annual growth rate (CAGR) of 44 per cent. At the same time, the value of transactions increased from 1,962 lakh crore to 3,659 lakh crore at an 11 per cent CAGR. The ministry also informed that UPI remains the cornerstone of India’s digital payments ecosystem. UPI has revolutionized digital payments in the country. UPI transactions increased from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24 at a CAGR of 129 per cent.

The top 10 private banks in the country have recruited 2.95 lakh employees in the last four years. HDFC Bank is at the forefront in this. After that there are Kotak Mahindra and ICICI Bank. Despite the boom in digital banking, banks have opened new branches in recent times. Besides, emphasis has also been laid on technology and risk management.

JSW MG Motor has reduced the price of entry level small electric car Comet by Rs 2 lakh. Earlier the price of this model was reduced by Rs 1 lakh. The company said, India now has the cheapest EV car Comet, whereas Tata had recently reduced the price of Tiago by three lakhs to Rs 8 lakhs. In fact, MG Motor has decoupled the cost of the battery from the car to reduce the starting price to below Rs 5 lakh.