For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

ATM Cash Withdrawals, Digital Payments Almost Halved In April

By Staff
|

In April, the month of complete nationwide lockdown, overall payments suffered a blow. According to RBI data, cash withdrawals from ATMs fell to Rs 1.28 lakh crore when compared to Rs 2.51 lakh crore in March. In February, Rs 2.86 lakh crore was withdrawn at ATMs.

The impact of the lockdown on slowing economic activity was also seen in other modes of payments.

ATM Cash Withdrawals, Digital Payments Almost Halved In April
 

Total retail payments made in April in India were Rs 19.66 lakh crore, compared to Rs 36.03 lakh in March and Rs 32.88 lakh in February.

Total digital payments in April were Rs 82.46 lakh crore, against Rs 150.85 lakh crore in March and Rs 116.19 lakh crore in February.

It is likely that due to uncertainty induced by the coronavirus pandemic, consumers lowered spending and postponed large spending plans. Further, due to restrictions on e-commerce, limited only to home deliver products that came under the "essential commodities" category, purchase or shopping options for consumers were scarce.

A recent Economic Research report from the State Bank of India showed that after four phases of the nationwide lockdown, deposit transactions were rising, indicating a lower appetite for consumption.

Read more about: atm cash online shopping coronavirus
Story first published: Friday, June 19, 2020, 9:32 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more