National

Aadhaar based e-KYC transactions jumped 22% in Nov

Aadhaar authentication transactions grew 11%


28.75 Cr e-KYC transactions executed using Aadhaar in Nov

DEC 29, 2022

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Aadhaar usage by residents is witnessing continued progress across the country. In November alone, 28.75 crore e-KYC transactions were executed using Aadhaar, a 22% growth over the previous month.

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By the end of November 2022, the cumulative number of e-KYC transactions has gone up-to 1350.24 crore. Aadhaar e-KYC service is increasingly playing a crucial role for banking and non-banking financial services by providing transparent and improved customer experience, and aiding ease of doing business.

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

Similarly in November, 195.39 crore Aadhaar authentication transactions were carried out, over 11% more than October. A majority of these monthly transactions were carried out by using fingerprint biometric authentication, followed by demographic and OTP authentication.

So far, cumulatively 8621.19 crore Aadhaar authentication transactions have been executed by the end of November 2022, indicative of how Aadhaar is increasingly playing a role in good governance and aiding welfare delivery to residents.

Whether it is e-KYC for identity verification, AEPS for last mile banking, Aadhaar enabled DBT for direct fund transfer or authentication, Aadhaar, the digital infrastructure of good governance, has been playing a vital role in supporting the Prime Minister, Shri Narendra Modi’s vision of Digital India, and enabling ease of living for residents.

The Aadhaar Enabled Payment System (AEPS) has been an enabler of financial inclusion for those at the bottom of the income pyramid. Cumulatively, 1591.92 crore of last mile banking transactions have been made possible via the use of AEPS and the network of micro ATMs by the end of November 2022.

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.

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