Economy India
Banking and Finance

Aadhaar authentication clocks 1.96 billion transactions in April 19% more than same month last fiscal

Aadhaar holders executed 1.96 billion authentication transactions in April 2023, a jump of more than 19.3 per cent over April 2022, indicating the growth of digital economy and usage of Aadhaar in India.
A majority of these authentication transaction numbers were carried out by using fingerprint. It is followed by demographic and OTP based authentications. Face authentication too is witnessing a good usage across sectors for easy service delivery. While Aadhaar saturation among adult population continues to be near universal, the saturation level among all age groups has now climbed to 94.8 per cent, indicative of the reach and adoption of Aadhaar among residents. During the month of April more than 15.44 million Aadhaars were updated on request from the residents.
The Aadhaar Enabled Payment System (AePS) is enabling financial inclusion for those at the bottom of the income pyramid. In April 2023, more than 200.6 million last mile banking transactions were made possible through AePS and the network of micro ATMs.
Aadhaar e-KYC service continues to play a key role in the banking and non-banking financial services sectors by providing transparent and improved customer experience, and helping in ease of doing business. More than 250.5 million eKYC transactions were carried out in April alone.
By the end April 2023, the cumulative number of Aadhaar e-KYC transactions has gone past 14.95 billion. Continued adoption of e-KYC is significantly reducing customer acquisition cost of entities like financial institutions, telecom service providers among others.
Whether it is e-KYC for identity verification, AePS for last mile banking, authentications or Aadhaar enabled DBT for direct fund transfer, Aadhaar, the foundation of India’s digital public infrastructure and a tool of good governance, is playing an important role in supporting Prime Minister Shri Narendra Modi’s vision of improving the Ease of Living for residents.
Shri Shah also launches Web portal for Birth and Death Registration, Upgraded SRS Mobile Application with Geofencing and Webportal for Online Sale of Census Publications, Union Home Minister also releases the Treatise on Indian Censuses since 1981

 

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