New Delhi, Sep 1 (PTI) Digital transactions at Indian Bank jumped to 45 per cent in 2019-20 from 29 per cent in the previous fiscal, according to the lender's MD and CEO Padmaja Chunduru.

The bank has already been a forerunner in delivering technology products, Chunduru said at its Annual General Meeting (AGM) on August 7, according to the minutes of the meeting released on Tuesday.

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"Digital transactions increased from 29 per cent in FY19 to 45 per cent in FY20, with both the number of users of internet and mobile banking increasing year-on-year and number of transactions in mobile banking registering commendable year-on-year growth of 186 per cent," Chunduru told shareholders at the virtual meet.

Going forward, the bank will be keeping pace with the growing rapid digitisation and provide effective and sophisticated customer service through enhanced use of digital technology, Chunduru said.

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On amalgamating Allahabad Bank with itself from April 1, 2020, she Indian Bank is now the seventh largest bank with more than Rs 8.50 lakh crore business, 43,000 employees and over 6,000 branches with a strong CASA (current account and savings account) base.

"The way ahead for the bank will be consolidation of business with focus on profitability. The prime focus this year (FY21) would be on increasing CASA, curtailing cost, increasing revenue with focus on fee income, accelerating recovery from impaired assets and containing level of NPA," she said.

In 2019-20, bank's business size increased to Rs 4.66 lakh crore from Rs 4.30 lakh crore in 2018-19. Deposits were up 7.5 per cent, while credit witnessed 10 per cent growth.

The share of low-cost CASA (domestic) deposits in total deposits was maintained at 35 per cent, enabling the bank to record a growth of 7 per cent year-on-year.

Indian Bank registered 134 per cent growth in net profit at Rs 753 crore in FY20.

"Indian Bank stands in the top three positions in respect of key parameters like business growth, capital adequacy, asset quality, profitability and productivity," Chunduru said.

The bank's capital adequacy ratio as per Basel III norms stood at 14.12 per cent as at end-March 2020 (FY19: 13.21 per cent), which was higher than the regulatory requirement of 10.875 per cent, it said.

Gross and net NPAs (non performing assets or bad loans) reduced to 6.87 per cent and 3.13 per cent respectively as on March 30, 2020, from 7.11 per cent and 3.75 per cent earlier.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)