Home / News / India /  India eyeing 1 bn digital transactions a day: Amitabh Kant

India is targeting a billion digital transactions per day to bring more people under the sweep of such modes of payments, said Amitabh Kant, chief executive of government think-tank NITI Aayog, on Friday. “From three billion transactions in a month we are targeting a billion transactions per day and we are pushing for it." Kant was speaking via video-conference at Confederation of Indian Industry’s fintech and digitization seminar.

Data from the Reserve Bank of India showed that while the total volume of digital payments reached 3 billion in March, it declined to 2.36 billion in April. This was because e-commerce portals stopped taking orders Andacollo customer spending at large retail outlets dropped as the nation went into a lockdown.

Kant said the government has been building the infrastructure investments needed to ensure financial inclusion and promote digitization. India had hitherto remained a cash-driven economy but is now transitioning into a formal economy, defined by access to bank accounts and formal means of financial services, he said.

Shayan Ghosh
Shayan Ghosh is a national writer at Mint reporting on traditional banks and shadow banks. He has over a decade of experience in financial journalism. Based in Mint’s Mumbai bureau since 2018, he tracks interest rate movements and its impact on companies and the broader economy. His interests also include the distressed debt market, especially as India’s bankruptcy law attempts recoveries of billions worth of toxic assets.
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