Digital India: Aadhaar E-KYC Transactions Rise Over 18 Per Cent To 84.8 Crore In Q3 Of FY23

Digital India: Aadhaar E-KYC Transactions Rise Over 18 Per Cent To 84.8 Crore In Q3 Of FY23

by Swarajya Staff - Jan 27, 2023 12:03 PM +05:30 IST
Digital India: Aadhaar E-KYC Transactions Rise Over 18 Per Cent To 84.8 Crore In Q3 Of FY23Aadhaar (Vipin Kumar/Hindustan Times via GettyImages)

Adoption of Aadhaar based e-KYC is witnessing a continuous progress, and in the October-December quarter (Q3) of FY 2022-23, more than 84.8 crore e-KYC transactions were executed using Aadhaar, a growth of 18.53 per cent over the Q2 (July-September) of the current financial year, an officilal release said on Friday (27 January).

In December alone, 32.49 crore e-KYC transactions were carried out using Aadhaar, over 13 per cent more than the previous month, the Ministry of Electronics and IT said in a release.

The ministry said that Aadhaar e-KYC service is increasingly playing an important role for banking and non-banking financial services by providing transparent and improved customer experience, and helping in ease of doing business.

In October, the number of Aadhaar e-KYC transactions were 23.56 crore and in November such transactions went up to 28.75 crore, before jumping further in Decembejr.

According to the ministry, 169 entities including 105 banks are live on e-KYC.

Adoption of e-KYC has also significantly reduced customer acquisition cost of entities like financial institutions, telecom service providers and others.

By the end of December 2022, the cumulative number of Aadhaar e-KYC transactions so far has gone up-to 1382.73 crore, the ministry said.

An e-KYC transaction is executed, only after the explicit consent of the Aadhaar holder, and does away with physical paperwork, and in-person verification requirement for KYC.

Similarly, Aadhaar authentication transactions too are witnessing a growing adoption and usage among residents.

In the month of December alone, 208.47 crore Aadhaar authentication transactions were carried out, nearly 6.7 per cent more than the previous month, the ministry said.

Most of these monthly authentications were carried out by using biometric fingerprint, followed by demographic and OTP authentications.

So far, cumulatively nearly 8829.66 crore crore Aadhaar authentication transactions have been executed by the end of December 2022. It shows how Aadhaar is playing an increasing role in financial inclusion, welfare deliveries, and to avail several other services, according to the ministry.

More than 1,100 government schemes, programs and in the country run by both centre and states have been notified to use Aadhaar.

The digital ID is also helping various ministries and departments in the centre and at states in improving efficiency, transparency and delivery of welfare services to the targeted beneficiaries, the ministry said.

Get Swarajya in your inbox everyday. Subscribe here.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Comments ↓
Get Swarajya in your inbox everyday. Subscribe here.

Latest Articles

    Artboard 4Created with Sketch.