Aadhaar e-KYC transactions jump by 18.53 pc to 84.8 cr in Q3 of FY 2022-23
Author: BI Bureau
New Delhi: The 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.
In December alone, 32.49 crore e-KYC transactions were carried out using Aadhaar, over 13 per cent more than the previous month. 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 December, indicating its growing usage and utility in the economy.
As many as 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. 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.
So far, cumulatively nearly 8829.66 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.
Whether it is e-KYC for identity verification, Aadhaar enabled DBT for direct fund transfer, AePS for last mile banking, or authentications, Aadhaar, the digital infrastructure of good governance, has been playing a key role in supporting Prime Minister Narendra Modi’s vision of Digital India, and enabling ease of living for residents.
More than 1100 government schemes, programs and in the country run by both centre and states have been notified to use Aadhaar. The digital ID is 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 Aadhaar Enabled Payment System (AePS) is enabling financial inclusion for those at the bottom of the income pyramid. By the end of December 2022, cumulatively, 1610.44 crore of last mile banking transactions have been made possible through AePS and the network of micro-ATMs. /BI/
More In Tech Governance
The exports of agricultural commodities from March to June 2020 shot up by 23.24 percent on-year to Rs 25,552.7 crores.
As the economy comes to a standstill amid the coronavirus-led lockdown, India’s agriculture sector has taken the baton of economic growth in its hands. The exports of agricultural commodities from March to June 2020 shot up by 23.24 percent on-year to Rs 25,552.7 crores, according to the Ministry of Agriculture & Farmers Welfare. The government said that self-reliant agriculture is critical for the goal of an Atmanirbhar Bharat and for this, agricultural export is extremely important as besides earning foreign exchange for the country, the exports help farmers, producers, and exporters to take advantage of the wider international market and increase their income.
The surge in exports has also resulted in increased production in the farm sector by increasing coverage area and productivity. The share of India’s agricultural exports and imports in the world agriculture trade in 2017 was 2.27 percent and 1.90 percent, respectively. Even during the difficult time of pandemic lockdown, India took care not to disturb the world food supply chain and continued to export, the government said.
Ministry of Agriculture has prepared a comprehensive action plan for the promotion of Agri trade; the twofold approach focuses on boosting Agri Export with emphasis on value addition and action plan for Import Substitution. Recently, the Agriculture sector has witnessed a series of reforms, giving more choices to the farmers to sell their produce at competitive rates.
To mention a few, the Export strategy focuses on the export promotion of fast-evolving niche markets of Wellness food/ Health-conscious food/nutraceuticals, Development of “Brand India” in campaign mode to help penetration into new foreign markets and of new products which automatically translates into higher value realization, Gulf countries have been identified as focus destination to increase the market share which is a strong market for India though presently India caters to only 10-12% share of their total imports. A product-market matrix has been made containing a list of products of strength that could be expanded in new geographies and a list of known markets which can be introduced with newer products.
At the behest of the Department of Agricultural Cooperation & Farmers’ Welfare, Ministry of Agriculture, product-specific Export Promotion Forums have been created to lead Agri exports to new heights. Each Export Promotion Forum shall be having exporters of the related commodity as its members along with official members representing concerned Ministries/Departments of the Central and State Governments. Chairman APEDA shall be the chairman of each of these forums. The forums will meet at least once every two months, to discuss recommendations on issues pertaining to the export.
The recommendations of the forum will be placed in the product committee / Authority of APEDA. The Forum will keep in close contact with the concerned organization of the Ministry of Agriculture such as MIDH, Extension, NPPO, etc., DGFT, Ministry of Civil Aviation, MoFPI, etc. to further the interest of agricultural export.
