by Faiqa Masoodi

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SRINAGAR: Even though crowded markets reported a sluggish business, Jammu and Kashmir Bank, the main regional bank, said they recorded 50 million transactions in which Rs 11000 crore changed hands. However, only part of this fund transfer moved out of the banking system.

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By Tuesday (April 9, 2024) 6 pm, the day recorded nearly a million transactions that led to the transfer of Rs 1495.48 crore. These included Rs 227.82 crore in transfers using ATM and Debit Cards; Rs 689.95 crore through mobile banking; Rs 387.64 crore through UPI; Rs 177.96 crore using eBanking service and Rs 12.11 crore involving kiosk banking (Khidmat Centres).

“We are happy to tell you that for the first time, Mpay Delight Plus breached a Rs 1000 crore transaction mark in a single day twice on a trot affirming ever evolving and improving Bank’s digital ecosystem,” a bank spokesman said. “Unlike past, we did not face any problem on any of our digital platforms.”

Interestingly, of the last four days, the banks were closed for two days because of the gazetted holidays. This put the branch pressure on the ATMS and other digital platforms.

The bank said the overall transactions were at Rs 2200 crore on April 8, 2024: Rs 998.92 crore on Sunday, April 7: Rs 1818.19 crore on April 6 and Rs 1339.24 crore on April 5, 2024.

Ramzan markets across the Muslim world remain sluggish for most of the month and it starts picking up only in the last ten days. However, for the last few years, the economic downturn has impacted the markets that have hugely decentralised over the years.

Last time, the bank was held responsible as its digital platforms underperformed and collapsed owing to load and other things. This time, however, the bank officials said they did not face any downturns even though the load was massive because of the holidays.

“Branches across Jammu and Kashmir and Ladakh catered to customer rush providing them uninterrupted banking services recording impressive transaction figures to the tune of Rs 3200 in last two working days in the build-up to the auspicious occasion of Eid ul Fitr,” the spokesman said. He said the better-performing systems led to an appreciation of the bank’s operations. The bank, he said, upgraded its earlier mobile banking app to a more sophisticated version boasting features at par with the best in the country.

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