In July 2022, 80 crore NEFT and 38 million RTGS transactions were done during a month. At the same time, in this month, 20 crore UPI transactions were being done every day in the country.
India ahead of developed countries in digital transactions
Europe is considered a developed OSm and India is considered a developing country. However, there are some areas where these developed countries are far behind India. One of these segments is the rapid transfer of money or digital transactions in people’s accounts. If the information given by a journalist is to be believed, then a big economy like Germany is still lagging behind in reaching money to the people. On the other hand, India is continuously doing crores of transactions without any fault in sending money from Kisan Samman Nidhi to the bank accounts of crores of people in government schemes.
The German state is incapable of transferring money to its citizens because … matching bank and tax IDs takes 18 months, and the admin can only handle 100k transfers a day anyway.
Merkel’s devastating legacy, No. 2314. https://t.co/wQO3ihLYjH
— Christian Odendahl (@COdendahl) August 31, 2022
where is germany
The Economist’s editor, Christian Odenhal, wrote on social media that the German government was unable to reach money to its citizens because it would take them 18 months to reconcile bank accounts and tax IDs. And also the admin can handle only 1 lakh transactions every day. That is, according to his point, the transfer of money between the government and all citizens in Germany is an almost impossible process. Because at first the paper work itself will take a lot of time and after that their system is not even ready for fast transactions. On the other hand, if we talk about India, then at present, India’s system is more UPI transactions than the total population of Europe every day. . At the same time, every few months, India is transferring money through Kisan Samman Nidhi to more people than the total population of Germany in just a few days. If you look at the banking transactions, then in July 2022 during a month 800 million NEFT and 3.8 crore RTGS transactions were done. Which is enough to bring money to the people of Europe many times.
India is the leader of digital transactions
At present the total population of Germany is 90 million. At the same time, the number of farmers who have got the benefit of Kisan Samman Nidhi in India is 14 crore. That is, the total number of people who get the benefit of a scheme of India is more than the total population of Germany. Every 4 months, the government transfers money to the accounts of so many farmers. That too without any fault. That is, to do the work that the government of Germany can take one and a half years. The Government of India transfers cash on an increased scale more than 3 times a year. India is currently at the forefront of the world in terms of digital transactions. In July 2022 itself, 200 million UPI transactions were happening every day in the country. During the entire month, 628 crore transactions were done through UPI.