Aadhaar e-KYC transactions jump 18.53% to 84.8 cr in Q3 FY 2022-23

BNE News Desk

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New Delhi: The adoption of Aadhaar based e-KYC is moving forward steadily.

More than 84.8 crore e-KYC transactions utilising Aadhaar were carried out in the October-December quarter (Q3) of FY 2022–23, an increase of 18.53% over the Q2 (July–Sept) of the current financial year.

Over 13% more Aadhaar-based e-KYC transactions were made in December alone than in November, totaling 32.49 crore transactions.

By offering a transparent and better customer experience and facilitating ease of doing business, the Aadhaar e-KYC service is progressively playing a significant role for banking and non-banking financial services.

Aadhaar e-KYC transactions increased from 23.56 crore in October to 28.75 crore in November before increasing again in December, showing the expanding use and economic benefit of this system.

e-KYC is operational for 169 businesses, including 105 banks. The cost of acquiring new customers for organisations like banking institutions, telecom service providers, and others has been dramatically decreased as a result of the use of e-KYC.

The total amount of Aadhaar e-KYC transactions have reached 1382.73 crore by the end of December 2022.

Similar to this, locals are increasingly adopting and using Aadhaar authentication transactions. Only the month of December saw an increase of 208.47 crore Aadhaar authentication transactions over the prior month.
Following demographic and OTP authentications, biometric fingerprints were used for the majority of these monthly authentications.

By the end of December 2022, a total of around 8829.66 crore Aadhaar authentication transactions have been performed, demonstrating a financial inclusion, welfare delivery, and using a variety of other services.

Aadhaar, the digital infrastructure of good governance, has been playing a key role in supporting the Prime Minister, Narendra Modi's vision of Digital India and enabling ease of living for citizens, whether it be through e-KYC for identity verification, Aadhaar enabled DBT for direct fund transfer, AePS for last mile banking, or authentications. The adoption of Aadhaar has been announced for more than 1100 government programmes and projects across the nation that are handled by both the centre and states. The digital ID is assisting several federal, state, and local ministries and agencies in increasing the effectiveness, transparency, and provision of social services to the intended recipients.

Financial inclusion for individuals at the bottom of the income pyramid is made possible via the Aadhaar Enabled Payment System (AePS). AePS and the network of micro-ATMs would have enabled a total of 1610.44 crore last mile financial transactions by the end of December 2022.

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BNE News Desk