Tag: November

Digital payments remain strong, marginal decline in November

Banking & Finance

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Digital payments continued to maintain a strong momentum in November although the value and volume of transactions fell marginally compared to the record highs of October that was led by festive season spends.

The Unified Payments Interface, which crossed the 400 crore mark for the number of transactions in October, continued to remain well above the level.

However, the number of transactions on the UPI platform declined slightly to 418 crore in November 2021 compared to 421 crore transactions recorded in October, according to data from the National Payments Corporation of India.

The value of transactions processed through UPI last month was also buoyant but slightly lower at ₹7.68 lakh crore compared to ₹7.71 lakh crore in October.

Experts believe that UPI will continue to register robust growth and acceptance given the multiple use cases including the AutoPay feature and IPO subscription.

On a daily basis on an average, over 13 crore transactions worth at least ₹25,000 crore took place through UPI in November.

IMPS transactions

Transactions on the Immediate Payment Service (IMPS) platform also remained robust but saw a similar decline to 41.2 crore in November from 43.06 crore in October. The value of transactions processed through IMPS fell to ₹3.64 lakh crore in November from ₹3.7 lakh crore a year ago.

As many as 21.41 crore toll collection related transactions worth ₹3,177.17 crore took place through NETC FASTags in November compared to 21.42 crore payments amounting to ₹3,356.74 crore in October 2021.

Payments through AePS however, bucked the trend to rise marginally in terms of value in November 2021. As many as 9.46 crore transactions worth ₹25,687.66 crore took place through AePS last month compared to 9.68 crore transactions totalling ₹25,410.12 crore in October.

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‘Non-food credit growth down to 6% in Nov’

Banking & Finance

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Non-food bank credit growth of scheduled commercial banks (SCBs) was lower at 6 per cent year-on-year (y-o-y) in November 2020 vis-a-vis 7.2 per cent in November 2019.

However, the November 2020 credit growth figure was an improvement over the preceding month’s 5.6 per cent growth (8.3 per cent in October 2019).

Credit growth to agriculture and allied activities accelerated to 8.5 per cent in November 2020 from 6.5 per cent in November 2019, according to the Reserve Bank of India’s (RBI) statement on “Sectoral Deployment of Bank Credit”. Credit to industry contracted marginally by 0.7 per cent as compared with 2.4 per cent growth in November 2019 due to contraction in credit to large industries by 1.8 per cent in November 2020 (3 per cent growth a year ago), the central bank said.

However, credit to medium industries registered a robust growth of 20.9 per cent in November 2020 vis-a-vis contraction of 2.4 per cent a year ago.

Credit growth to the services sector accelerated to 8.8 per cent (4.8 per cent) in November 2019 mainly on the back of acceleration in credit growth to ‘transport operators’ and ‘trade’ within the services sector.

Personal loans registered a growth of 10 per cent in November 2020 as compared with 16.4 per cent growth in November 2019. Within this sector, vehicle loans continued to perform well, registering an accelerated growth of 10 per cent in November 2020 vis-a-vis a growth of 4.7 per cent in November 2019.

Data on sectoral deployment of bank credit has been collected by RBI from select 33 scheduled commercial banks, accounting for about 90 per cent of the total non-food credit deployed by all scheduled commercial banks, for the month of November 2020 .

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