By India Blooms News Service Jan 28, 2023
New Delhi/IBNS: Over 84.8 crore e-KYC transactions were executed using Aadhaar in the October-December quarter (Q3) of FY 2022-23, a growth of 18.53% over the Q2 (July-Sept) of the current financial year.
In December alone 32.49 crore e-KYC transactions were carried out using Aadhaar, over 13% 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, the Ministry of Electronics IT said.
In October, the number of Aadhaar e-KYC transactions was 23.56 crore and in November such transactions went up to 28.75 crores, 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, the ministry said.
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 requirements 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% more than the previous month.
Most of these monthly authentications were carried out by using biometric fingerprints, followed by demographic and OTP authentications.
So far, cumulatively nearly 8829.66 crore Aadhaar authentication transactions have been executed by the end of December 2022.