The above graph represents the monthly distribution of RTGS transactions in India in terms of value and volume. India recorded a volume of 12.9 million RTGS transactions in the month of October 2019, which valued at Rs 1,38,614.15 billion (Rs 138.6 trillion). The country witnessed a 12.7% M-o-M increase in the volume and a small 3.1% M-o-M decline in the value of RTGS transactions taken place in October month.
Volume and Value of RTGS Transactions: History
|Source||Reserve Bank of India (RBI)|
|Note||India fiscal year starts from April 01|
In March 2019, the country witnessed the highest number of funds transfer through RTGS system. About 13.64 million number of transactions were carried out through the RTGS system in the month of March, which valued at Rs 1,90,693.10 billion – the highest-ever amount transferred in a single month.
That was a notable increase from the previous month when 11.09 million RTGS transactions were taken place in India, valued at Rs 1,46,468.19 billion.
Note: RTGS (Real-Time Gross Settlement) is an electronic fund transfer system in which the transactions are processed continuously on a transaction by transaction basis throughout the RTGS business hours.
Digital Transactions In India: Additional Information
The internet revolution has resulted in exploded adoption of digital methods of transactions worldwide. The users of Credit & Debit cards, mobile and internet nowadays are far more aware and digitally empowered with making financial transactions. In the last few years, however, digital transactions have branched out into multiple types of financial transactions.
Started with the use of Credit and Debit cards at POS in large retail stores, digital transactions industry has come a long way. The introduction of mobile wallets and UPI have transformed the whole digital transaction industry in India. RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), CTS (Cheque Truncation System), IMPS (Immediate Payment Service), NACH (National Automated Clearing House), UPI (Unified Payments Interface) and PPI (Prepaid Payment Instruments) are the main type of financial transactions that fall under the Digital transaction category.
Digital transactions save time and money, resulting in a better bottom line. Customer experiences are also enhanced (think of the convenience of eSigning versus having to print a contract, sign it, and then return it by mail or fax). And digital transactions improve tracking capabilities, which helps reduce errors.
The exploded adoption of smartphones, mobile apps and mobile internet has helped Digital transaction industry to grow at an unprecedented rate. With more than 500 million smartphone users, India is one of the largest countries by the number of digital transactions that are recorded every month.
The above graph is a part of Dazeinfo GraphFarm – the most trusted source of hundreds of thousands of market graphs. Our team of researchers mines millions of data points every month to bring the most updated and validated set of data points representing the comprehensive view in a graphical format. From mobile to e-commerce, from Retail to healthcare, from startups to SMEs we have carefully designed thousands of graphs for those who value and understand the importance of data visualisation.