New Delhi: March saw around 2.31 billion Aadhaar-based authentications, surpassing February’s 2.26 billion authentications, according to data released by the Ministry of Electronics and IT (MeitY) on Wednesday.
“The March numbers are better than February when 2.26 billion authentication transactions were done. While most authentication transaction numbers were done using biometric fingerprint, it is followed by demographic and OTP authentication,” it said.
Aadhaar e-KYC service is playing a vital role for ease of doing business by providing transparent and better customer experience for banking and non-banking financial services. Over 311.8 million eKYC transactions were done during March 2023, which is a jump of over 16.3% over February.
The adoption of e-KYC has also significantly reduced the customer acquisition cost for entities like financial institutions, telecom service providers and others. The cumulative number of Aadhaar e-KYC transactions so far till the end of March 2023 has crossed 14.7 billion. One hundred and seventy five institutions are active on e-KYC.
According to the ministry, during the month of March, over 21.47 million Aadhaar updates were done following requests from residents as against 16.8 million such updates in February 2023.
Whether it is Aadhaar Enabled DBT for direct fund transfer, Aadhaar Enabled Payment System (AEPS) for last mile banking, e-KYC for authentication, or identity verification, Aadhaar continues to play a vital role in supporting digital infrastructure of good governance Is. Prime Minister Narendra Modi’s vision of Digital India, and making life easier for the residents.
AePS is enabling financial inclusion for those who are at the bottom of the income pyramid. In March 2023, 219.3 million last mile banking transactions were made possible through the network of AePS and Micro ATMs.
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