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Digital transactions rise sharply, banks’ RTGS up 34% in March: RBI data -Aashish Aryan & Sunny Verma

-The Indian Express

The usage of cash and other cash-based services, however, dipped during the period, the data showed.

New Delhi: The month of March, in which the national lockdown began, saw a sharp rise in digital financial transactions countrywide, according to data accessed by The Indian Express.

According to the latest Reserve Bank of India (RBI) data, the total value of Real Time Gross Settlement (RTGS) transactions — the biggest online payment method offered by RBI — rose 34 per cent across banks to Rs 120.47 lakh crore in March 2020, as compared to Rs 89.90 lakh crore in February 2020.

The usage of cash and other cash-based services, however, dipped during the period, the data showed. Cash withdrawals from ATMs as well as usage of various cards (debit, credit) have also gone down significantly, banking industry sources said.

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