All is well in financial transactions in the country after the lockdown

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Mumbai, Ta. 14 August 2020, Friday

Retail payments rose 5 per cent to Rs 30.50 trillion in June from Rs 2.50 trillion in May. This is a sign of rising payments as the economy is gradually opening up after the lockdown. Retail payments fell to Rs 12.50 trillion in April, according to RBI data. The economy is looking all right after the lockdown was lifted in terms of financial transactions.

As far as digital payments are concerned, the figure rose to Rs 114.50 trillion in June from Rs 3.04 trillion in May. Thus, digital payments have increased by 3% in June.

Digital payments include retail credit transfers, debit transfers, card payments, and more. Total payments in June rose 3.05 per cent to Rs 114.5 trillion. In May, the figure was Rs 4.3 trillion.

Card payments, including both debit and credit cards, grew by 21 per cent in June. Card payments stood at Rs 1.04 trillion in June, according to RBI data. The number of transactions also increased by 12 per cent to 6.5 crore in June. In May, the figure was 2.4 crore. Withdrawals from ATMs rose 15 per cent to Rs 3.50 trillion in June.

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