Aadhaar e-KYC transactions up 18.53% in Q3 FY2022-23

Continued progress in adoption of Aadhaar-based e-KYC, with more than 848 million e-KYC transactions executed using Aadhaar in the October-December quarter (Q3) of FY2022-23, an increase from Q2 18.53% for the current fiscal year (July-September).

In December alone, 324.9 million electronic KYC transactions were conducted using Aadhaar, an increase of over 13% compared to the previous month.

Aadhaar e-KYC services are playing an increasingly important role in banking and non-banking financial services by providing transparency and improved customer experience and helping to simplify business.

According to government data, Aadhaar e-KYC transactions stood at 235.6 million in October, rising to 287.5 million in November before jumping further in December, indicating its growing use and utility in the economy.

The cumulative number of Aadhaar e-KYC transactions to date has reached 13,827.3 million by the end of December 2022. Electronic KYC transactions can only be executed with the express consent of the Aadhaar holder and eliminates physical paperwork and the in-person verification requirement of KYC.

Aadhaar authentication transactions have also witnessed increasing adoption and usage by residents, officials said. In December alone, 208.47 crore Aadhaar authentication transactions were made, which is almost 6.7% more than the previous month.

Most of these monthly authentications are through the use of biometric fingerprints, followed by demographic and OTP authentications.

So far, close to 88,296.6 crore Aadhaar certified transactions have been executed cumulatively till the end of December 2022. This demonstrates how Aadhaar is playing an increasing role in financial inclusion, benefit delivery and utilizing multiple other services.

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Be it e-KYC for identity verification, Aadhaar-enabled DBT for direct fund transfers, AePS for last-mile banking or identity verification, Aadhaar as a digital infrastructure for good governance has been supporting Prime Minister Narend Ramodi’s vision plays a key role in terms of digital India and providing convenience to the lives of its residents.

More than 1,100 government programs and projects run by centers and states in the country have been informed to use Aadhaar.

Digital identities help central and state ministries and departments to improve efficiency, transparency and delivery of welfare services to targeted beneficiaries.

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