GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Only 7% Rise in Transactions Through Cards Post Demonetisation

The highest jump was witnessed in transactions through UPI, from one million per day in November 2016 to 30 million in May 2017.

PTI

Updated:July 16, 2017, 1:23 PM IST
facebookTwittergoogleskypewhatsapp
Only 7% Rise in Transactions Through Cards Post Demonetisation
The least rise in digital transactions was witnessed in the case of plastic cards. (Photo: Reuters)
New Delhi: Transactions through debit and credit cards rose by merely seven per cent post demonetisation, as against a surge of over 23 per cent in overall digital transactions, top government officials told a parliamentary panel.

Officials from various ministries gave a presentation to the Parliamentary Standing Committee on Finance on 'Demonetisation and Transformation towards Digital Economy'.

The digital transactions in all modes increased by 23 per cent to 27.5 million in May 2017 from 22.4 million in November 2016, according to the presentation, a copy of which is with PTI.

The highest jump was witnessed in transactions through UPI, from one million per day in November 2016 to 30 million in May 2017.

UPI or Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application for seamless fund routing and merchant payments into one hood.

Transactions through IMPS or Immediate Payment Service, which is an electronic fund transfer service, almost doubled to 2.2 million from 1.2 million during the period under purview, according to the data shared by government officials.

The least rise in digital transactions was witnessed in the case of plastic cards, as the rise was only seven per cent from 6.8 million in November 2016 to 7.3 million in May this year.

The Narendra Modi government had on November 8, 2016 announced the demonetisation of Rs 500 and Rs 1,000 bank notes in a bid to curtail black money. Following the move, the government pushed for digital transactions.
Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
HDFC 1,689.65 -15.85 -0.93
IndusInd Bank 1,649.70 +17.80 +1.09
HDFC Life 354.40 +9.80 +2.84
Indiabulls Real 232.90 +16.15 +7.45
SBI 332.75 -4.75 -1.41
Company Price Change %Gain
Tata Global Bev 274.95 +15.45 +5.95
Bank of Baroda 184.95 +1.40 +0.76
HDFC Life 353.30 +9.05 +2.63
Rain Industries 315.85 -13.90 -4.22
Indiabulls Real 232.50 +15.50 +7.14
Top Gainers
Company Price Change %Gain
GAIL 460.25 +15.50 +3.49
Tata Power 91.80 +2.85 +3.20
Yes Bank 313.35 +7.25 +2.37
Vedanta 313.65 +6.05 +1.97
Coal India 278.25 +5.45 +2.00
Company Price Change %Gain
Coal India 278.35 +5.50 +2.02
NTPC 180.55 +3.10 +1.75
Kotak Mahindra 1,037.60 +13.55 +1.32
ONGC 180.05 +2.55 +1.44
Bajaj Auto 3,245.35 +33.30 +1.04
Top Losers
Company Price Change %Gain
Ambuja Cements 264.75 -9.75 -3.55
UltraTechCement 4,174.55 -92.50 -2.17
Dr Reddys Labs 2,261.70 -60.90 -2.62
ICICI Bank 318.50 -6.60 -2.03
Tech Mahindra 476.65 -7.90 -1.63
Company Price Change %Gain
Dr Reddys Labs 2,276.45 -48.60 -2.09
ICICI Bank 318.55 -6.55 -2.01
SBI 333.35 -4.05 -1.20
Infosys 960.30 -10.65 -1.10
Cipla 603.00 -5.65 -0.93

Live TV