Last updated on July 13th, 2023 at 05:13 pm
Estimated reading time: 2 minutes
More than 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, 32.49 crore e-KYC transactions were carried out using Aadhaar, which is 13% more than the previous month.
The Aadhaar e-KYC service is playing an increasingly important role in banking and non-banking financial services by providing a transparent and improved customer experience and helping ease doing business.
The number of Aadhaar e-KYC transactions increased from 23.56 crore in October to 28.75 crores in November and then jumped again in December, indicating its growing usage and utility in the economy.
A total of 169 entities, 105 of which are banks, are live on e-KYC. E-KYC has also significantly reduced the customer acquisition cost for entities like financial institutions, telecom service providers, and others.
The number of Aadhaar e-KYC transactions will have reached 1382.73 crores by the end of December 2022. Only after the explicit consent of the Aadhaar holder is an e-KYC transaction executed, doing away with physical paperwork and the in-person verification requirement for KYC.
Similarly, more and more residents are using and adopting Aadhaar authentication transactions. In December, 208.47 crore Aadhaar authentication transactions were carried out, nearly 6.7% more than the previous month.
Biometric fingerprint, demographic, and OTP authentications were used most often for monthly authentications.
As of December 2022, a total of 8829.66 crore Aadhaar authentication transactions have been executed. Aadhaar role in financial inclusion, welfare deliveries, and other services is increasing.
Aadhaar, the digital infrastructure of good governance, has been playing a key role in supporting Prime Minister, Shri Narendra Modi’s vision of Digital India, and enabling ease of living for residents, whether it is e-KYC for identity verification, Aadhaar-enabled DBT for direct fund transfer or AePS for last mile banking authentications.
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