RTGS transactions in Banks cross Rs.100-lakh crore

The transactions under RTGS have crossed record Rs 100 lakh crore, according to the Reserve Bank of India. The customer transactions under RTGS stood at Rs 101.13 lakh crore in June 2018, compared to Rs 93.76 lakh crore in May 2018.

Ramaswamy Venkatachalam, Regional Managing Director – India and South Asia, FIS, said, “It’s an important milestone in journey of making India a cashless economy.

The customer transactions under RTGS crossing record 100 lakh crore-mark, depicts the rapid progress India has made in arena of digital payments.

The Government of India has provided several incentives for real-time payments, which has further enhanced users to adopt the mode of digital transaction. The banks have also been supporting their customers with digital capabilities that facilitate an extensive range of financial activities.”

He further added, “The digital payments in India are soaring on the back of trailblasing technology, which is facilitating retail transactions at large. The data usage for 300 million Indian smartphone users has jumped to 5-10 GB per month, and with 800 million bank accounts now linked to mobile, the digital payments space may soon leapfrog to next era of money transaction.”