In April, 50-70% drop in transactions through credit & debit cards, cheques
The Indian Express 16 June 2020 Written by: Sunny Verma Latest data from the Reserve Bank of India shows that transactions and payments through various banking channels fell between 26 per cent and 71 per cent in April over March, depending upon the mode of transaction. PAYMENT transactions contracted by a massive 46 per cent in value in April over the previous month as the nationwide lockdown affected economic activity across the board. Latest data from the Reserve Bank of India (RBI) shows that transactions and payments through various banking channels — cheque payments, ATM withdrawal, NEFT and RTGS, fell between 26 per cent and 71 per cent in April over March, depending upon the mode of transaction. The sole exception was direct benefit transfer (DBT) payments by the government using the Aadhar-enabled platforms, which recorded a 138 per cent jump. Transactions through issuance of cheques – a paper instrument – saw the sharpest contraction of 71 pe...