Electronic transactions rise 30 per cent till October: RBI

Electronic transactions in the country in first seven months of this financial year were reported at Rs 17,83,605 crore, rising 30 per cent over similar period last year according to data released by the Reserve Bank of India (RBI). Electronic transactions include electronic clearing services (ECS), national electronic funds transfer (NEFT) and card payments (credit and debit).

NEFT had the largest chunk in electronic payments at Rs 15,07,630 crore, the data showed. ECS transactions were worth Rs 1,68,508 crore, followed by credit and debit cards. The number of credit card dues also continued to rise for the ninth consecutive month at Rs 1.85 crore. HDFC Bank is the largest issuer of credit cards in the country, followed by State Bank of India.

The banks, especially the foreign banks operating in the country, have started aggressive marketing of credit cards even outside the banks’ customer base. The practice was followed by banks before the crisis year of 2008 and was stopped thereafter.