HDFC Bank rises on clinching top position in mobile banking

HDFC Bank, India’s second largest private sector bank has surged nearly 2% to Rs 966 after recording highest transactions via mobile phones. The bank piped its rival ICICI Bank to clinch the top position in mobile banking transactions.

With an increase in transactions that can be done through its mobile application, HDFC Bank has recorded a fivefold jump in mobile banking transactions between June and October.

According to Reserve Bank of India (RBI) data, the lender has logged Rs 3,540 crore at the end of October via its mobile application. Compared to this, at the end of June this year, the bank had recorded only Rs 795 crore via mobile banking. About 55 per cent of all HDFC Bank transactions are conducted through digital channels.

The stock opened at Rs 952 and touched a high of Rs 967 on the BSE. Nearly 2,00,000 shares were traded on both the stock exchanges.