India leading globally in digital payments, says Rajeev Chandrasekhar

Under PM Kisan Samman Nidhi Yojana, up to Rs 19,000 crore were transferred directly into bank accounts of 95 million beneficiaries in a single day, he added

Rajeev Chandrasekhar
Rajeev Chandrasekhar. Photo: ANI
BS Reporter New Delhi
2 min read Last Updated : Sep 01 2022 | 9:42 PM IST
With the country’s digital payment transactions value through UPI rising to Rs 10.73 lakh crore in August, Minister of State for Electronics and IT Rajeev Chandrasekhar said India was leading the world in digital government solutions through direct benefit transfers.

Chandrasekhar said, “India is today leading the world in digital payments in particular and also becoming a pre-eminent country in the use of technology to improve citizens’ lives and Governance – The India stack and other various digital government solutions are now the envy of the world’s nations - India Leads Digital and Digital Leads India thanks to PM Narendra Modi ji’s vision.”

The minister took to Twitter saying the technology was driving the speedy delivery of government benefits to all citizens, replying to a tweet by Christian Odendahl, the European economics editor at The Economist. Odendahl said, “the German state is incapable of transferring money to its citizens because ... matching bank and tax IDs takes 18 months, and the admin can only handle 100k transfers a day anyway.”
 
According to reports, the German government was not able to transfer money to citizens, as merging the tax number with the International Bank Account Number (IBAN) takes 18 months. Thus, the government could process only 100,000 transactions for direct benefit transfers.

“India’s average direct benefit transfers crossed 9 million payments per day in FY 2021-22. Under PM Kisan Samman Nidhi Yojana, up to Rs 19,000 crore transferred directly into bank accounts of 95 million beneficiaries in a single day,” said an official from the Ministry of Electronics and IT, stressing the country’s enhanced digital payment abilities.

“As far as Digital Payments are concerned, over 8,800 crore digital payment transactions took place during 2021-22. In the current financial year, as of July 24, around 3,300 crore digital transactions were made,” the official said.

He added that the “Unique Identification Authority of India (UIDAI) conducted 53 million Aadhaar authentications per day in August 2022. The country also saw a record 7 million income tax returns by July 31, 2022.”

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :PM Kisan Yojanadigital transactionsRajeev ChandrasekharUPI transactionsPM-KISAN schemeIndian EconomyUDAIUPIDigital servicesdigital paymentNarendra Modi

Next Story