Amidst increasing preferences for digital mode of payments and transactions, usage of the Aadhaar-enabled payments system (AePS) has also increased, enabling a surge in cash withdrawals from ATMs in November (2020).
As per the Reserve Bank of India, 68.4 million withdrawals were conducted through (AePS) channels during November. These withdrawals accounted for withdrawals worth Rs. 18,820 Crore, whilst registering a fall in ATM transactions to 340 million, which equals to Rs. 1.43 lakh Crore. On the other hand, during the same time last year, 39 million transactions were carried out which were worth Rs.9,778 crore.
The government utilization of the for transferring various welfare and benefit scheme funds contributed majorly to the total transactions carried out during the lockdown, which were worth 11.3 million. For the period of 2020-21, the center is aiming to hit as high as Rs.4,630 crore for digital payments.
Bankers hope for continuing their branch banking with an increase of engagement in the digital platforms for payments. RBI will soon address all of the concerns and issues, relating to the security and safety of engaging in digital transactions, for regulated entities.