Fewer people transferred lesser money through digital modes of transfer in January.
Fewer people used digital transaction modes to transfer lesser money in January compared to December, data released by the Reserve Bank of India (RBI) showed, as the cash crunch situation in the country eased.
RBI releases a daily breakup of the monthly transactions done in value and volume terms, through Real Time Gross Settlement (RGTS), National electronic Funds Transfer (NEFT), Cheque Truncation System (CTS), Immediate Payment Service (IMPS), National Automated Clearing House (NACH), Unified Payments Interface (UPI), Unstructured Supplementary Service Data (USSD), Point of Sale (POS) and Prepaid Payment Instrument (PPI).
In January, in volume terms, digital transactions fell 10.4% to 858.1 million from the 957.5 million transactions undertaken in December.
In value terms, Rs 96,794.4 billion of cash was transferred electronically in the country in January but this was down 6.9% from the Rs 1,04,055.3 billion transferred electronically in December.
| |
January |
December |
Percentage change |
| Digital transfers (in volume) |
858.1 million |
957.5 million |
down 10.4% |
| |
|
|
|
| Digital transfers (in value) |
Rs 96,794.4 billion |
Rs 1,04,055.3 billion |
down 6.9% |
According to RBI data
| |
December |
November |
Percentage change |
| Digital transfers (in volume) |
957.5 million |
671.5 million |
up 42.6% |
| |
|
|
|
| Digital transfers (in value) |
Rs 1,04,055.3 billion |
Rs 94,004.2 billion |
up 10.7% |
According to RBI data
| |
January |
November |
Percentage change |
| Digital transfers (in volume) |
858.1 million |
671.5 million |
up 27.1% |
| |
|
|
|
| Digital transfers (in value) |
Rs 96,794.4 billion |
Rs 94,004.2 billion |
up 3% |
According to RBI data
This means fewer people used digital modes to transfer their money electronically, one of the aims of the government's demonetization exercise - to move towards a cashless society.
Demonetization left people with no choice but to take to digital payment modes as ATMs ran dry and queues outside banks remained serpentine for days.
Compared to November, in December, digital transactions were up 10.7% in value terms while compared to November in January, they were up only 3%.
In volume terms, compared to November, digital transactions in December amid peak cash crunch, grew 42.6% to 957.5 million. However, compared to November, in January, the growth was only 27.8%.
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