The cumulative variety of Aadhaar e-KYC transactions to this point has gone previous 14.7 billion by the top of March 2023.
More than 311.8 million eKYC transactions had been carried out throughout March 2023, a soar of over 16.3 per cent towards February
Aadhaar holders have carried out almost 2.31 billion authentication transactions in March 2023, indicative of the rising utilization of Aadhaar and the expansion of the digital economic system in the nation, the Ministry of Electronics & IT stated in a press release on Wednesday.
“The March quantity is healthier than the February when 2.26 billion authentication transactions had been carried out. While a majority of the authentications transaction numbers had been carried out by utilizing biometric fingerprint, it’s adopted by demographic and OTP authentications,” the ministry said.
It added that the Aadhaar e-KYC service continues to play a stellar role in banking and non-banking financial services by providing transparent and improved customer experience and helping in ease of doing business. More than 311.8 million eKYC transactions were carried out during March 2023, a jump of over 16.3 per cent against February.
The adoption of e-KYC has also significantly reduced customer acquisition costs of entities like financial institutions, telecom service providers, and others. The cumulative number of Aadhaar e-KYC transactions so far has gone past 14.7 billion by the end of March 2023. A total of 175 entities are live on the e-KYC.
“Aadhaar saturation among the adult population continues to be near universal. During the month of March, more than 21.47 million Aadhaars were updated following requests from the residents as against 16.8 million such updates in February 2023,” the ministry stated.
It added that whether or not it’s Aadhaar-enabled DBT for direct fund switch, Aadhaar-enabled fee system (AePS) for final mile banking, authentications, or e-KYC for id verification, Aadhaar, the digital infrastructure of excellent governance, has been enjoying an vital function in supporting the Prime Minister Narendra Modi’s imaginative and prescient of Digital India, and enabling ease of dwelling for residents.
The AePS is enabling monetary inclusion for these on the backside of the earnings pyramid. In March 2023, 219.3 million last-mile banking transactions had been made attainable by means of AePS and the community of micro ATMs.
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