After smartening up its infrastructure to support the digital departments internally, Bank of Baroda is now targeting at least 65 percent of retail originations and 35 percent of MSME loans to be digitally done by the end of the current fiscal year. Along with that, the bank has also set a target digital lending of Rs50,000 crore in the current fiscal year.
Chief digital officer, Bank of Baroda, Akhil Handa said, “We believe that this year we will disburse loans of over Rs50,000 crore through our digital bank this year alone.” He further added, “This will be a combination of retail loans and small ticket MSME loans. We have a substantial advantage over peer banks that are getting started with their digital journey.”
Bank of Baroda is also taking steps to onboard 25 percent of new retail customers through mobile banking and book 25 percent of its deposits through this mode.
