Retail payments under check came down to 2.96 percent in ‘digital’ phase

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Mumbai According to the data released by the Reserve Bank of India (RBI) on Sunday, due to the encouragement of digital payments, the figure of retail payments through checks has come down significantly in the last financial year 2019-20.

According to RBI data, the share of check clearing (clearing) in total retail payments has reduced to just 2.96 percent in the financial year 2020-21. However, it is 20.08 per cent by value.

After demonetisation in the financial year 2015-16, the central bank started moving digital payments very fast. At that time, the share of checks in retail payments was 15.81 per cent by volume and 46.08 per cent by value.

According to Reserve Bank data, digital payments grew by 55.1 per cent year-on-year, from 593.61 crores to 3,434.56 crores by volume during FY 2015-16 to 2019-20. At the same time, it went up from Rs 920.38 lakh crore in terms of value to Rs 1,623.05 crore. It registered an annual growth of 15.2 percent.

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