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SBI, large private sector banks stand to gain from digitalization accelerated by pandemic: Moody’s

Fintech has been growing rapidly in India, and several factors will continue to fuel a continuous expansion of the sector. Restrictions on physical contact due to the coronavirus will further boost demand for online financial services, providing an impetus for an acceleration of digital banking services. Fintech firms such as Paytm Payment Bank and payment services owned by Big Tech players such as PhonePe of Flipkart, which is majority-owned by Walmart Inc., and Google Pay of Alphabet, have rapidly gained market share. Despite the growing competition, some banks equipped with capabilities to deliver digital services and products that suit changing customer needs, such as industry leader State Bank of India (SBI, Baa3 negative, ba2) and large private sector institutions, such as HDFC Bank Limited (HDFC Bank, Baa3 negative, baa3), ICICI Bank Limited (ICICI, Baa3 negative, ba1), AXIS Bank Limited (AXIS, Baa3 negative, ba1) and Kotak Mahindra Bank, will benefit from digitalization.

~ Moody’s

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