Indian Economy News

Aadhaar e-KYC transactions jump by 18.53% to 84.8 crores in Q3 of the FY 2022-23

The adoption of Aadhaar based electronic-Know Your Customer (e-KYC) is witnessing continuous progress, and in the October-December quarter (Q3) of FY 2022-23, where more than 84.8 crores e-KYC transactions were executed using Aadhaar, registering a growth of 18.53% over the Q2 (July-September) of the current financial year. In December alone, about 32.49 crores of e-KYC transactions were carried out using Aadhaar, over 13% more than the previous month. In addition, by the end of December 2022, the cumulative number of Aadhaar e-KYC transactions so far has gone up to 1,382.73 crores. Similarly, Aadhaar authentication transactions are also witnessing a growing adoption and usage among residents. In December alone, over 208.47 crores of Aadhaar authentication transactions were carried out, which is nearly 6.7% more than the previous month.

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

It has been noted that over 169 entities, including 105 banks are live on e-KYC. More than 1,100 government schemes, and programs in the country run by both centres and states have been notified to use Aadhaar. 

The Aadhaar Enabled Payment System (AePS) is enabling financial inclusion for those at the bottom of the income pyramid.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.