International Journal of Management (IJM)

Volume 11, Issue 10, October 2020, pp. 2977-2988. Article ID: IJM_11_10_303
Available online at https://iaeme.com/Home/issue/IJM?Volume=11&Issue=10
ISSN Print: 0976-6502 and ISSN Online: 0976-6510
DOI: https://doi.org/10.17605/OSF.IO/7FGK4

© IAEME Publication Scopus Indexed

IMPACT OF DIGITAL BANKING

TRANSACTIONS AND FINANCIAL
PERFORMANCE OF SELECTED BANKS IN
INDIA
Vanitha S
Assistant Professor, Department of Commerce and Financial Studies,
Bharathidasan University, Tiruchirappalli-620 024
Tamilndau, India

Bhuvaneswari C
PhD Research Scholar, Department of Commerce and Financial Studies,
Bharathidasan University, Tiruchirappalli-620 024
Tamilndau, India

ABSTRACT
This paper investigated the impact of Digital Banking Transactions (DBT) and the
Financial Performance of Public, Private Banking Sectors concerning Selected Banks
(Nifty Index), Business Per Employee, and Profitability Index. The study finds the
relationship between Digital Financial Performances and Earnings-Per-Share (EPS)
of the Indian Banking Sector. The Proxy Variable was ATM Transactions Volumes and
Volumes of POS Transaction for Digital Financial Services (DFS). The study used
secondary data. The data was collected from the annual report of target banks, RBI
annual reports, and websites from 01 January 2017 to 31 December 2019. The study
used both descriptive statistics and inferential statistics for analysing the data. This
paper concluded that electronic banking has made more accessible services closer to
its customers hence improving banking industry performance. This study recommends
that bank management should enhance digital banking transactions to improve
financial performance in commercial banks. The paperless transaction reduces black
money and carbon emissions and is helpful for our green environment.
Keywords: ATM Transactions, Digital Financial Services, Financial Performance,
Nifty Index Bank.

Cite this Article: Vanitha S and Bhuvaneswari C, Impact of Digital Banking

Transactions and Financial Performance of Selected Banks in India, International
Journal of Management (IJM), 11(10), 2020, pp. 2977-2988.
https://iaeme.com/Home/issue/IJM?Volume=11&Issue=10

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Impact of Digital Banking Transactions and Financial Performance of Selected Banks in India

1. INTRODUCTION
The research paper focused on digital transactions and their impact on the financial performance
of the banking sector in India. The Indian government took several steps to promote and
encourage digital payment. The main goal of the government develops a digital powerful
economy faceless, paperless and cashless as part of the digital India campaign. Digital finance
was the financial service industry how to adopt and utilise the digital technology. The digital
platform had various technology products, models, process methods, and innovative
applications. The banking sector provides financial transactions in the traditional way. Still,
the view changed. People mostly preferred digital transactions because of the time consume,
cost-benefit, Quick transfer of funds, payments, receipts, and accuracy wise. Every people
convert from the traditional way to the technology way Investment and transaction-wise
investors mostly preferred digital platforms like Zerodha and Grow up. They had investment
preference information from digital technology like Artificial intelligence, social networks,
machine learning, mobile applications, distributed ledger technology, cloud computing, and big
data analytics and robotics advice. India had worldwide second place in the telecommunications
market. India had 112.37 million mobile phone subscribers. The 812 million Indian people
utilized mobile phones to access the internet. The mobile phone business of India was very
high. It had the expanding at a rate of more than 200 million new phones per year.

Conceptual Framework of the Study

✓ Digital Transactions- One or More people participate and complete the receipts and
payments oriented transactions without any cash. Automated transactions help people
and organisations with cashless transactions.
✓ National Electronic Fund Transfer (NEFT) - NEFT is a payment system used for
banking digital transactions. It supports one-to-one fund transfers in the entire world.
It’s very helpful to individuals, organisations, firms, and corporates to maintain the
accounts with a bank that could transfer the funds through NEFT.
✓ Mobile Transaction- Mobile is a remote device. This is used for banking and company
financial transactions. It’s another called phone, tablet, or app. Every bank had its
mobile banking application for android and windows.
✓ Business Per Employee- How much Business is generated per employee working at a
bank or company it’s called business per employee. The ratio is related to employee
productivity. It could be calculated by dividing the total business of the bank by several
employees. The Indian bank business per employee ratio at 185.600 % in the year 2018.
This records an increase from the previous year of a ratio of 148.800 percent.
✓ Operating Profit- Net income of the company or business operations. It includes
interest and taxes excluded from non-operating expenses.

1.1. Digital Transactions in India

The National Payments Corporation of India (NPCI) launched the Immediate Payment Services
(IMPS) on 22.12.2010. This service was helpful for mobile phone-based electronic fund
transfer purposes. It was operated 24/7 working days and around 900 million mobile users used
this payment system. Still, more than 54 bank customers use immediate payment services. The
IMPS' main goal is for micro and macro payments provide to low-cost mobile devices. IMPS
in India will be followed a bank-linked delivery model. Consumers need a service they had a
registered mobile phone account and a mobile number link with any of the country's network
operators, as well as a valid credit card.

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 Vanitha S and Bhuvaneswari C

Main characteristics of IMPS Funds Transfer:

✓ The Funds will be transferred immediately and instantly.

✓ Availability of customer service 24 hours a day, 365 days a year.
✓ Know the credit and debit transaction confirmations from the sender and receiver
✓ Fast Transaction, low-cost benefits, safety and security, and easily available
information.

1.2. Current Scenario of Digital Transactions (DURING COVID-19)

✓ In the financial year 2021-2022, the volume of digital payments in India increased by
33%.
✓ The Ministry of Electronics and Information Technology digital payment transactions
in the year 2020-2021 was 7.422 crore.
✓ Unified Payment Interface was used as the digital platform during the period of
February 2022 it achieved 452.75 crore transactions. The year of February 2021 UPI
transaction worth was 4.25 lakh crores.
✓ India was very biggest digital payments market. India was the very largest market for
payment transactions in the year March 2021. India's payment value was 2550 crores in
the year 2021, China's (1570 crores), and South Korea's (600 crores).

1.3. Methods of Digital Transactions

Digital India goal is without cash and without paper payments transaction. The Number of
digital payments was available to promote the paperless and cashless transactions and convert
the India into very cash-less society.
➢ Banking cards
➢ USSD
➢ AEPS
➢ UPI
➢ Mobile Wallets
➢ Bank pre`-paid cards
➢ Point of sale
➢ Internet banking
➢ Mobile banking
➢ Micro ATM’

1.4 Nifty Index 12 Banks

➢ State bank of India

➢ Au small finance bank
➢ Kotak Mahindra bank
➢ Axis bank
➢ Indusind bank
➢ Bandhan bank
➢ Bank of Baroda
➢ Federal bank
➢ IDFC first bank
➢ Punjab national bank
➢ ICICI bank

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Impact of Digital Banking Transactions and Financial Performance of Selected Banks in India

2. REVIEW OF LITERATURE
The following are the selected studies relevant for the present study
Muotolu, et al. ( 2019 ), the research paper discussed the Cashless Policy and Financial
Performance of Deposit Money Banks in Nigeria. The data was collected from14 Centralised
banks of Nigeria. The period of the study was taken 6 years from 2012-to 2017. The research
paper used financial tools like return on assets. The study paper used statistical tools like
diagnostic tests, descriptive, multicollinearity tests, and correlation. The findings of the study
had a positive and significant effect on the return on assets (ROA) of banks in Nigeria. The
paper concludes bank management wishes to improve the return on assets of their banks it must
pay more attention to ATM services.
Vijayalakshmi (2019), the research paper explained that, Digital Transactions Impact on
Financial Performance of Banking Sector with Reference to SBI and ICICI Banks. The study
period was taken from 2016 to 2017 and collected the data from RBI websites. The research
paper used five variables like NEFT, RTGS, Mobile transaction, ATM, and business per
employee. This study paper used different types of tools like regression and correlation. They
find that with the ordinary least square method that the impact of the technology index of SBI
bank is having a significant impact on the business per employee and on operating having a
negative influence. The researcher concluded that Indian banks need to focus on swift and
continued infusion of technology.
Tilahun et al. (2016), in the research paper profound the Impact of Electronic Banking on
Customers Satisfaction in the Ethiopian Banking Industry. The study period was taken from
2017 to 2019. The research paper used four variables like RTGS, ACH, and central national
switch central security deposit (CSD). The study paper used different tools like descriptive and
correlation. The study focused on offered services including facilities to provide conduct bank,
and stock market transactions, account details of administering, and access to customized
information. The researchers concluded e-banking services highly reduced the visits to banks,
waiting time for service, the existence fees charged from customers, and create the customers'
awareness of e-banking.
Joseph Wireko (2016), this research paper discussed the Impact of Technological Innovations
on Customers in the Banking Industry in Developing Countries. The researcher used primary
data. The paper used a cross-sectional study. The research article used the customer satisfaction
model (SERVQUAL). The study period was taken from 2014 to 2016. The research paper used
two variables like business per employee and operating profitability. This paper used different
types of tools like Cramer’s V Statistics, Cronbach’s alpha, and cross-tabulation. The study
finds the impact of electronic banking services on customer satisfaction and related transaction
cost. This research paper determined the significant relationship between customer satisfaction
and technological innovations in the Ghanaian banking industry. The research paper concluded
that technological innovations had not reduced the cost of banking for Ghanaian banking
customers.

3. RESEARCH METHODOLOGY
3.2. Need of the study
✓ To determine the NEFT transactions and financial performance of selected banking
sectors in India.
✓ To find out the relationship between Mobile banking transactions and profitability index
in selected banks in India.
✓ To find out the impact of digital transactions and financial performance of selected
banks in the Nifty Index.

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 Vanitha S and Bhuvaneswari C

3.3. Scope for the study

✓ Digital transactions improved the Digital payments and Receipts service.
✓ E-Transactions will increase the employment service.
✓ E-Transaction will reduce the risks related to cash activities like Government
department-wise corruption, robbery, carrying large amounts, money transfer, security,
and safety cash transaction at high speed.

3.4. Objectives of the Study

The main objectives of the study are to analyse and compare business per employee with which
by using 2 parameters such as Digital Transaction, operating profitability, and among NIFTY
INDEX 12 BANKS.
✓ To analyze the relationship between Digital transactions and the financial performance
of the selected banks in India.
✓ To determine the impact of Digital transactions and the financial performance of the
selected banks in India.

3.5. Hypotheses of the study

✓ NH1: There is a significant relationship between Digital transactions and the financial
performance of the selected banks in India.
✓ NH2: There is a significant impact on the Digital transactions and financial
performance of the selected banks in India.

Limitation of the study

✓ The study is completely based on secondary data and there are some limitations to using
those data that may affect the results.
✓ Only the digital economic variable is selected and the rest of them are excluded.
✓ The study period covered only 3 years from 01.01.2017 to 31.12.2019.

3.5. Research Methodology

3.5.1. Sample Selection
The sample of the study consisted of the NIFTY INDEX 12 banks from the public sector banks
and private sector banks in India. Four variables were used in this study. The study used
scheduled private sector banks, commercial banks, and public sector banks. The selection of
the NIFTY Bank Index had the most liquidity and large banking stocks in India.

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Impact of Digital Banking Transactions and Financial Performance of Selected Banks in India

Weightage
of the
Bank
BANK NAME NSE SYMBOL OWNERSHIP WEIGHTAGE
Nifty
Stocks
ListS. NO
1 HDFC Bank Ltd. HDFC BANK Private 27.04%
2 ICICI Bank Ltd. ICICIBANK Private 23.03%
3 Axis Bank Ltd. AXISBANK Private 11.18%
Kotak Mahindra
4 KOTAKBANK Private 11.72%
Bank Ltd.
5 State Bank of India SBIN Government 11.27%
6 IndusInd Bank Ltd. INDUSINDBK Private 5.58%
AU Small Finance
7 AUBANK Private 2.69%
Bank Ltd.
8 Bandhan Bank Ltd. BANDHANBNK Private 1.98%
9 Bank of Baroda BANKBARODA PSU 1.84%
10 Federal Bank Ltd. FEDERALBNK Private 1.68%
IDFC First Bank
11 IDFCFIRSTB Private 1.08%
Ltd.
Punjab National
12 PNB PSU 0.91%
Bank
Sources: data collected from www.rbi.org.

3.4. Sources of Data

The study used an ex-post facto research design. The population of the study was twelve banks
in the banking nifty index that is listed on the National Stock Exchange (NSE). The data for the
present study is purely secondary. The secondary data information was collected from the RBI
Publication, Progress Report from Banking in India, Handbook information from Statistics on
Indian Economy, RBI Bulletin (monthly), and Annual Reports of public and private sector
banks.

3.5. Period of the Study

✓ The study covers a period of 03 years ranging from 01.01.2017 to 31.12.2019.
3.6 Variables for the Study

✓ NEFT (National Electronic Funds Transfer)

✓ Mobile Transaction
✓ Business Per Employee
✓ Operating Profitability

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 Vanitha S and Bhuvaneswari C

4. TOOLS USED FOR ANALYSIS

4.1 Descriptive statistics
4.2 Correlation
4.3 Regression
4.4 Unit Root Test

4.1 Descriptive statistics

Table -4.1.1
Results of descriptive statistics of STATE BANK OF INDIA during the study period from
01.01.2017 to 31.12.2019
BPE MOB NEFT OP
Mean 8.1549 8.1549 8.1549 8.1549
Maximum 25000000 25600000 497000000 308647
Minimum 14300000 321000000 22848219 210979.20
Std. Dev. 42833485 9260000 2070000 39038
Skewness 0.26 0.36 0.37 -0.82
Kurtosis 1.64 1.86 1.56 2.35
Jarque-Bera 0.44 0.38 0.54 0.65
Probability 0.80 0.83 0.76 0.72
Source: Data collected from RBI .com and Computed from the using E-Views 7.0.

Table -4.1.1 shows the result of descriptive statistics for the SBI bank during the study
period from 01.01.2017 to 31.12.2019. The highest mean value is 12300000 in MOB and lowest
the mean value is 273383 in OP. The maximum value is 497000000 from NEFT and the
minimum value is 14300000 BPE. The standard deviation highest value is 42833485 in BPE of
return and the lowest value is 39038 in Operating Profitability. The Skewness shows that the
values of all variables where positive expected Operating Profitability value are -0.82. The
kurtosis three variables value was greater than 3 which implied leptokurtic.
Table -4.1.2
Results of descriptive statistics of AU SMALL FINANCE Bank during the study period from
01.01.2017 to 31.12.2019
BPE MOB NEFT OP
Mean 14377 7800000 1824507 33110.87
Maximum 22484.00 30400000 3866862 45221.48
Minimum 8515.00 8174983.00 34624.56 3496.37
Std. Dev. 5501.14 12800000 1834636 17136.58
Skewness 0.53 1.39 0.17 -1.26
Kurtosis 1.94 3.09 1.26 2.93
Jarque-Bera 0.47 1.61 0.66 1.32
Probability 0.79 0.45 0.72 0.52
Source: Data collected from RBI .com and Computed using E-Views 7.0.
Table -4.1.2 shows the result of descriptive statistics for the AU SMALL FINANCE bank
during the study period from 01.01.2017 to 31.12.2019. The highest mean value is780000000
in MOB and lowest the mean value is 14377in BPE. The maximum values in 30400000from
MOB and the minimum value is 8515.00BPE. The standard deviation highest value is 1280000
in MOB of return and the lowest value is 5501.14in BPE.

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Impact of Digital Banking Transactions and Financial Performance of Selected Banks in India

Skewness shows the values of all variables where the positive expected OP value is -
1.26.The value of kurtosis of the variable where greater than 3 which implied leptokurtic.
Table -4.1.3
Results of descriptive statistics of HDFC bank during the study period from

01.01.2017 to 31.12.2019

BPE MOB NEFT OP

Mean 1740000 72500000 1730000 563.51
Maximum 2050000 1640000 3570000 809.96
Minimum 14200000 17200000 21968222 388.06
Std. Dev. 23480405 58700000 1530000 183.51
Skewness -0.10 0.73 0.16 0.45
Kurtosis 2.10 2.21 1.33 1.46
Jarque-Bera 0.18 0.58 0.60 0.66
Probability 0.92 0.75 0.74 0.72
Source: Data collected from RBI .com and computed the using E-Views 7.0
Table -4.1.3 shows the result of descriptive statistics for the HDFC bank during the study
period from 01.01.2017 to 31.12.2019. The highest mean value is 7250000 in MOB and lowest
the mean value is 563.51 in OP. The maximum values in 3570000 from NEFT and the minimum
value in 21968222 NIFT. The standard deviation highest value is 5870000 in MOB of return
and the lowest value is183.51 in OP. The Skewness shows the values of all variables where the
positive expected OP value is -0.82.
Table -4.2.1
Results of Relationship between SBI BANK digital transaction and financial performance of all
variables during the period from 01.01.2017 to 31.12.2019
BPE OP NEFT MOB
Pearson
1 .595 .833 .691
Correlation
BPE
Sig. (2-tailed) .290 .080 .196
N 5 5 5 5
Pearson
.595 1 .845 .809
Correlation
OP
Sig. (2-tailed) .290 .072 .097
N 5 5 5 5
Pearson
.833 .845 1 .963**
Correlation
NEFT
Sig. (2-tailed) .080 .072 .009
N 5 5 5 5
Pearson
.691 .809 .963** 1
Correlation
MOB
Sig. (2-tailed) .196 .097 .009
N 5 5 5 5
**. Correlation significant value at 0.01 levels (2-tailed).
Source: Data Collected from RBI.com and Computed the using SPSS version 21.

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 Vanitha S and Bhuvaneswari C

Table -4.2.1 reveals the result of correlation analyses between the SBI BANK digital
transaction variables such as business per employee, operating profitability, NEFT, and mobile
transaction during the study period from 01.01.2017 to 31.12.2019. Business per employee has
a positive relationship with all variables significant at 0.01, levels according to correlation result
the variables have a significant relationship. Hence the null hypothesis is accepted.
Table -4.2.2
Results of Relationship between KOTAK MAHINDRA BANK digital transaction and financial
performance of all variables during the period from 01.01.2017 to 31.12.2019

BPE OP NEFT MOB

Pearson
1 .994** .965** .959*
Correlation
BPE
Sig. (2-tailed) .001 .008 .010
N 5 5 5 5
Pearson
.994** 1 .987** .957*
Correlation
OP
Sig. (2-tailed) .001 .002 .011
N 5 5 5 5
Pearson
.965** .987** 1 .957*
Correlation
NEFT
Sig. (2-tailed) .008 .002 .010
N 5 5 5 5
Pearson
.959* .957* .957* 1
Correlation
MOB
Sig. (2-tailed) .010 .011 .010
N 5 5 5 5
**. Correlation significant value at the 0.01 and 0.05 level (2-
tailed).
Source: Data Collected from RBI.com and Computed the using SPSS version 21.
Table -4.2.2 reveals the result of correlation analyses between the KOTAK MAHINDRA
BANK digital transaction variables such as business per employee, operating profitability,
NEFT, and mobile transaction during the study period from 01.01.2017 to 31.12.2019. Business
per employee as a positive relationship with all variables are significant at 0.01, 0.05 levels
according to correlation result the variables have a significant relationship. Hence the null
hypothesis is accepted.
Table -4.3.1
Model Summary Results of impact between digital transaction and business per employee in SBI
BANK during the study period from 01.01.2017 to 31.12.2019
Model R R Square Adjusted R Square Std. Error of the Estimate
a
SBI1 .845 .714 .427 29550
a. Predictors: (Constant), MOB, NEFT
Source: Data Collected from RBI.com and Computed the using SPSS version 21.

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 Impact of Digital Banking Transactions and Financial Performance of Selected Banks in India

Table – 4.3.1 represents the result of SBI1 regression analysis for business per employee. It
can be observed from the table that the R-value was (0.845), and the R square value was (0.714).
This table indicated that 71% of changes in business per employee. These results explained
there is a significant impact between a digital financial transaction (performance-wise) and
business per employee. So, the null hypothesis was accepted.
Table -4.4.1
ANOVA Results of variance of analysis between business per employee, NEFT, and MOB in
ICICI BANK during the study period from 01.01.2017 to 31.12.2019

Model Sum of Squares Degrees Mean Square F value Sig.value

value of value
freedom
Regression 2.500 2 161.200 5.157 .162b
ICICI1 Residual .660 2 693.830
Total 0.200 4
a. Dependent Variable: BPE
b Predictors: (Constant), MOB, NEFT
Source: Data Collected from RBI.com and Computed the using SPSS version 21.
Table 4.4.1 shows the ICICI1 result of the analysis of variance of business per employee as the
dependent variable and national fund transfer and mobile transaction as the independent variables.
The F –statistics significance value was discovered to be .162. The p value was more than 0.05. So
there is a significant variance had business per employee, NEFT, and MOB. NEFT and MOB
influence the business per employee.

RESULTS AND DISCUSSIONS

✓ The study based on the result of the descriptive analysis it can be concluded that the
majority of the banking sector uses mobile transactions.
✓ The study indicated the correlation that the NIFT, Mobile transaction, and business per
employee are having a positive relationship with the operating profitability of the
selected banks.
✓ The study result reveals that the digital transactions strongly correlated with business
per employee of the selected banks.
✓ The relationship value should be maintained. The branch should in promote cooperation
and coordination among employees which helps them in efficient working.
✓ The study discovered through regression testing that business per employee had an
impact on NIFT and mobile transactions.
✓ Digital banking technology in the banks improved their key deposits to a great extent
while withdrawal levels and value of loans also increased to a great extent.
✓ Digital transactions services have reduced the visits of branches for customers.
✓ The public financial management system enables the (PFMS) and offered digital
facilities in every Panchayats.
✓ Ration shops and fertilizer shops are adopting digital payment facilities.
✓ To develop digital payments in rural areas.
✓ Digital payment development supports the ecosystem.
✓ No limit on cash withdrawals on the ATM cards.
✓ The public bank should bring the new schemes and offer gifts and prizes to the
customers for retention.

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 Vanitha S and Bhuvaneswari C

✓ Power failure and network failure or technical problem timing the ordinary bank
services will provide the better services for the customer.

CONCLUSION
This paper finds correlation result of the variables have a significant relationship and impact of
digital transactions and financial performance. The digital banking Technology has contributed
positively to the financial performance of selected banks. E-banking service highly reduced the
visits to bank hall and waiting time for service. The digital transaction reduced corruption and
increased the flow of money circulation. So banks will be enforce to change our customer
transactions from the traditional way to digital. Digital India Schemes mostly help with
Government and Economic growth. The digital scheme provides more benefits to lower and
middle-class people. Because recent times all government benefits and subsidies only get
through digital mode. So officers cannot misuse the government benefits.
The study concludes that cashless transactions increase the overflow of cash payments
reduced black money, increase purchasing power parity, and Government knows the individual
or company wise inflow and outflow of cash transaction details. The paperless transaction
reduces carbon emissions and is helpful for our green environment.

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