Reduce auto debit failure rate
MUMBAI: The failure rate of auto debit payments declined in August, signaling a gradual decline in the impact of the corona. According to data released by the National Payments Corporation of India (NPCI), out of 25 million auto debit transactions in August, 4.8 per cent or 4.5 crore transactions failed. This is the lowest failure rate since the outbreak. In terms of value, the percentage of failed transactions was 4.5 per cent. However this rate of failure is still higher than the previous level of corona. In April 2017, the rate of failure in terms of value was 2.50 per cent and the rate for volume was 4.50 per cent. The failure rate continued to rise in the three months ending at the end of June after the outbreak of the second wave of Corona. But the failure rate of auto debit transactions has been declining since July. Although the bounce rate has been declining in terms of both volume and value, it is still high compared to Coro's previous level. The burden of repayment h...