After months of living with coronavirus curbs, most Indians had started to celebrate their newfound trust in one sturdy digital ecosystem – Banking 2.0. The Indian government launched a #DigitalApnayen campaign on Aug 15 to encourage people, and within a month, the public sector banks (PSBs) onboarded about 1 Cr customers across all digital payment modes. But this is only the tip of the iceberg. According to a Red Seer report, mobile payments users will grow from the current 160 Mn-odd to 800 Mn by 2025, and the digital payments market will grow from INR 2,162 Lakh Cr in FY2019-20 to INR 7,092 Lakh Cr by FY2024-25.
Understandably, private-sector banks have also upped their game. HDFC Bank, the second-largest bank in the country, has been setting up Digital 2.0, a tech-driven, seamless platform for its bouquet of products and services. The initiative started under its former MD and CEO Aditya Puri. Some were surprised, given his reported (personal) aversion to technology. Others…