Aadhaar-based e-KYC Transactions Jump 22% In Nov

The Centre on Thursday released statistics on Aadhar usage by citizens of the country which indicates that its usage continues to witness progress. In November alone, 28.75 crore e-KYC transactions were executed using Aadhaar, which is a 22 per cent growth over the previous month.

According to the Government, the cumulative number of e-KYC transactions has gone up-to 1,350.24 crore by the end of November 2022.

“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,” Centre said in a statement.

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.

In November, 195.39 crore Aadhaar authentication transactions were carried out, over 11 per cent more than October. A majority of these monthly transactions were reportedly 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.

According to Government statistics, 1,591.92 crore of last mile banking transactions (cumulatively) have been made possible via the use of AEPS and the network of micro ATMs by the end of November 2022.