National Payments Corporation of India (NPCI) has honoured Saraswat Bank with the National Payments Excellence Award in recognition of its excellent performance in various products viz. NFS ATM Network, RuPay, CTS, Instant Payment Products (IMPS+UPI+BHIM+USSD), NACH & AEPS. Saraswat Bank has been chosen as the Winner across the entire product range this year as against last year wherein it was considered for a few products only.
The criteria for recognizing banks was based on increase at volume, efficiency ratio, contribution towards ecosystem, reduction at business & technical decline, net chargeback ratio, bank’s participation across NPCI’s varied products, innovations at payment systems, etc. A professional consultancy firm was tasked with building the framework for the Awards under the guidance of an independent jury. The entire process of data validation was carried out by reputed professional audit firm, KPMG.
Currently Saraswat Bank is live on all the NPCI’s products which include the new entrants NETC, Credit Card, BBPS, Aadhaar Pay, etc. It leads in Transaction Volume among co-operative banks and in terms of Efficiency Ratio, it has surpassed most of the private players too.
In order to match pace with the latest trends in the banking industry and to surpass customer expectation, Saraswat Bank has, with the help of NPCI, come up with various innovative products embracing superior technology. This innovation, coupled with the active participation at NPCI’s varied products has enabled Saraswat Bank in achieving this milestone.
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