RBI Starts Daily Reporting Of Payments: UPI, NEFT Usage 1300% More Than Cash!

RBI Starts Daily Reporting Of Payments: UPI, NEFT Usage 1300% More Than Cash!
RBI Starts Daily Reporting Of Payments: UPI, NEFT Usage 1300% More Than Cash!

We all are well familiar with the phrase, “Cash is King”.

Maybe this is the right time to unlearn the statement?

The new data released by the RBI may suggest you why. The central bank has released the daily settlement data of select payment systems for June 3 and June 4.

What are these data about?

These settlement data released by the apex bank, RBI, portray the volume and value of transactions undertaken in the payment systems by the:

  • Reserve Bank Neft and RTGS, and
  • facilities provided by National Payments Corporation of India: AePS, CTS, IMPS and UPI.

It also revealed the position of cash withdrawal transactions through ATMs and Banking Correspondents on June 3 and 4.

RBI stated officially that it will be publishing daily settlement data on the following working day.

It will publish the data relating to transactions undertaken during the day, on the following working day, while the data relating to cards will be published once the daily reporting systems are in place.

Now let’s see these data and decide for ourselves.

Cash Withdrawal Data

All these data provided have been for June 3 and June 4.

  • The total amount of cash withdrawal from ATMs on June 3 was Rs 4426.92 crore.
  • The amount was Rs 4424.53 crore on June 4.
  • Cash withdrawn on AePS through micro-ATMs/BCs on June 3 was Rs 668.88 crore.
  • This amount on June 4 was Rs 648.92 crore.

Non Cash Transactions Data

The value of transactions from:

  • RBI operated RTGS on June 3 was Rs 3,30,632.89 crore.
  • RBI operated NEFT on the same day was Rs 6,29,85.75 crore.
  • These numbers were Rs 329072.45 crore for RTGS, while Rs 63148 crore for NEFT.
  • The value of payment transactions through NPCI operated UPI on June 3 was Rs 9622.38 crore.
  • This amount was Rs 9639.5 crore on June 4.
  • The value of NPCI operated IMPS was Rs 7653.71 crore on June 3 and Rs 7705.89 crore on June 4.
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