RBI bulletin: Digital transactions picked up pace in November; both retail and wholesale segments surge

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Digital transactions exhibited a sustained recovery and momentum picked up in November 2020, supported by both wholesale and retail transactions, RBI data showed.

In the retail segment, national electronic funds transfer (NEFT) transactions volume grew 24.6 percent y-o-y in November 2020, much higher than the growth (13.9 percent) recorded a month ago. The growth in the value of NEFT transactions in November 2020 (27.9 percent) was higher than that recorded in October 2020 (20.1 percent), the RBI data showed.

In value terms, UPI transactions to the tune of Rs 3.9 lakh crore happened while IMPS transactions worth Rs 2.76 lakh crore happened. Also, RTGS transactions worth Rs 79.8 lakh crore and NEFT worth Rs 22.18 lakh crore were reported, data showed.

Unified payment interface (UPI) transactions surged to approximately 2.2 billion in November 2020, maintaining momentum in both volume and value terms. Among other digital transaction modes, national electronic toll collection (NETC) held on to a buoyant growth trajectory and immediate payment service (IMPS) showed stronger growth in November 2020 than in the previous month.

In the wholesale segment, real time gross settlement (RTGS) transactions recorded acceleration in volume terms. Recently, the RBI had made RTGS available round the clock on all days from 12.30 AM December 14.

With this, India will become one of the few countries in the world to operate its RTGS system round the clock throughout the year, the RBI said. This comes within a year of operationalising NEFT 24x7 by the Reserve Bank.