Digital transactions touched record high of Rs 71,634 crore on March 28: Finance Minister Arun Jaitley

NEW DELHI: Union Minister Arun Jaitley has said the India made a record 98.2 lakh digital transactions on Thursday. He said the transactions amounted to Rs 71,634 crore. He said the Public Financial Management System (PFMS), which tracks these payments has grown organically through user acceptance.

Jaitley shared the information of the record high number of transactions in a series of tweets late on Thursday night, just as the days was drawing to a close.

"Public Financial Management System (PFMS) achieves a Historical Record Breaking Volume of Digital Transactions," he announced.

 

Public Financial Management System (PFMS) achieves a Historical Record Breaking Volume of Digital Transactions.

— Ministry of Finance (@FinMinIndia) March 29, 2018

 

"On 28th March, 2018, an amount of Rs. 71,633.45 crores has been digitally transacted/routed through PFMS Portal for 98,19,026 transactions. This is a historic record of number of digital transactions processed in a single day," read another tweet.

 

On 28th March, 2018, an amount of Rs. 71,633.45 crores has been digitally transacted/routed through PFMS Portal for 98,19,026 transactions. This is a historic record of number of digital transactions processed in a single day. — Ministry of Finance (@FinMinIndia) March 29, 2018

 

Other tweets in his threat noted that the PMFS has provided a platform for efficient management of funds by enabling real-time tracking and reporting transactions through the treasury bank interface. He noted that various Union Ministries and Departments were using the system for Direct Benefit Transfer (DBT) for various government schemes.

He used the series of tweets on the record high number of transactions to claim that the ability of the PMFS platform to respond to an expanding user base as reflective of its robustness. He also said its growth has been organic on the basis of its utility, performance and rising user acceptance.

 

PFMS has organically grown on the basis of performance & user acceptance. Its user base today includes Union Ministries/Deptts,Implementing Agencies & State Governments. Ability of platform to respond to ever expending user requirements is reflective of its robustness & utility. — Ministry of Finance (@FinMinIndia) March 29, 2018

 

The Narendra Modi government has been making a push to make an increasing number of financial transactions digital. A particular push on this front had come in the weeks following demonetisation¸ when the shortage of cash had forced many into getting comfortable with different digital payment platforms.