Aadhaar e-KYC transactions jump 18.53% to 84.8 crore in Q3FY23

30 Jan 2023 , 11:21 AM

Adoption of Aadhaar based e-KYC witnessed robust growth and in Q3FY23, more than 84.8 crore e-KYC transactions were executed using Aadhaar, a growth of 18.53% over Q2FY23, according to the government report.

In December alone 32.49 crore e-KYC transactions were carried out using Aadhaar, over 13% more than the previous month.

In October, the number of Aadhaar e-KYC transactions were 23.56 crore and in November such transactions rose up to 28.75 crore, before jumping further in December, indicating its growing usage and utility in the economy.

169 firms including 105 banks are live on e-KYC. Adoption of e-KYC has also significantly reduced customer acquisition cost of entities like financial institutions, telecom service providers and others.

By the end of December 2022, the cumulative number of Aadhaar e-KYC transactions so far has soared up to 1382.73 crore. An e-KYC transaction is executed, only after the explicit consent of the Aadhaar holder, and does away with physical paperwork, and in-person verification requirement for KYC.

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