Quick Summary
India witnessed a massive surge in digital transactions as the revised Goods and Services Tax (GST) rates came into force on September 22. According to the Reserve Bank of India (RBI), digital payments soared to nearly Rs 11 trillion, marking a tenfold jump from the Rs 1.1 trillion recorded just a day earlier. RTGS, NEFT and UPI Dominate Transactions The RBI's Settlement Data of Payment Systems revealed that RTGS (Real Time Gross Settlement) led the spike, accounting for Rs 8.2 trillion, a s
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FAQ :
Digital payments in India surged to nearly Rs 11 trillion, a tenfold increase from Rs 1.1 trillion recorded the previous day.
RTGS transactions led the spike, accounting for Rs 8.2 trillion, followed by NEFT transactions at Rs 1.6 trillion and UPI transactions at Rs 82,477 crore.
Experts attribute the surge to a combination of revised GST slabs, which have made goods more affordable, and increased spending during the festive season.
E-commerce platforms saw a significant boost, with online retail sales rising 23-25% year-on-year during the first two days of GST implementation.
The government expects higher spending, fuelled by tax relief measures and GST reforms, to further boost India's economic growth momentum during the festive season.
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