The bank also reported stronger operating numbers. EBITDA increased 31% to ₹107.5 crore, while balances held in customer accounts grew 17% to ₹4,389 crore. Monthly transacting savings account users reached about 29.5 million, an increase of 23%.

Managing Director and CEO Anubrata Biswas linked the performance to wider adoption of digital banking in India and the bank’s focus on simplicity and safety. Customers are also using its accounts as a separate option for everyday UPI and digital payments, rather than linking these transactions to their primary salary accounts.

Transport payments have become another important business area. The bank has issued more than 6.5 million National Common Mobility Cards for metro and bus travel, making it India’s second-biggest issuer. It says it handles roughly two-thirds of transit payments across the networks where it operates.

Its distribution network includes more than five lakh active banking points and reaches around 75% of India’s villages. The bank handles about a quarter of the country’s Aadhaar Enabled Payment System transactions. It is also building its business offerings through current accounts, merchant payment services and soundboxes, while holding second place in UPI AutoPay mandates.