Aadhaar e-KYC Transactions Jump 18.53% To 84.8 Cr In Q3FY23

The Ministry of Electronics and Information Technology (IT) on Friday said that aadhaar e-KYC transactions jump 18.53 per cent to 84.8 crore in quarter three (Q3) of the financial year (FY) 2022-23.

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

"Aadhaar e-KYC service is increasingly playing an important role in banking and non-banking financial services by providing transparent and improved customer experience, and helping in ease of doing business," it added.

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

The statement read, "169 entities including 105 banks are live on e-KYC. The adoption of e-KYC has also significantly reduced customer acquisition costs 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 gone up to 1382.73 crore. 

Similarly, Aadhaar authentication transactions too are witnessing a growing adoption and usage among residents. In the month of December alone, 208.47 crore Aadhaar authentication transactions were carried out, nearly 6.7 per cent more than the previous month.

So far, cumulatively nearly 8,829.66 crore Aadhaar authentication transactions have been executed by the end of December 2022.