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npci data shows 3.2 crore emi auto debit payment transaction bounced in June

npci data shows 3.2 crore emi auto debit payment transaction bounced in June
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npci data shows 3.2 crore emi auto debit payment transaction bounced in June

npci data shows 3.2 crore emi auto debit payment transaction bounced in June

According to the data of National Payment Corporation of India, there has been a surprising increase in the number of auto debit EMI failures or bounces in the month of June.

New Delhi. The second wave of the Corona epidemic has badly affected the country’s economy. Especially the activities of the banking sector. Due to the second wave, the pockets of the people were also loosened in a big way. This seems to be the case considering the number of failures of EMI transactions that were automatically debited in the last three months. According to the National Payment Corporation of India (NPCI), there has been a surprising increase in the number of auto debit EMI failures or bounces in the month of June.

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June 37% of transactions failed

According to the data of the National Payment Corporation of India, a total of 37 percent of the transactions failed or bounced in the month of June including the auto debit EMI section of all banks. A total of 8.7 crore auto debit EMI requests were processed through the National Automated Clearing House (NACH) in June, but out of this, about 37 percent i.e. 32 million transactions failed. This has happened due to insufficient balance in the accounts.

36% transaction failure in May

Similarly, in May, a total of 85 million transaction requests were received, out of which 3.08 crore transactions failed or bounced, which means that 36 per cent of the transactions were failed due to insufficient balance in the accounts. Earlier in April, a total of 34 percent of auto debit EMI transactions failed or bounced. That is, the total number of failed transactions in April, May and June was more than 35 percent. Amount-wise, 30 per cent of the total auto debit amount has been bounced back in June and May. In April, 27.9% of transactions failed.

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Customers’ CIBIL score deteriorated

This has also directly affected the CIBIL score of the customers. CIBIL scores of such customers have deteriorated. At present, despite the unlock, people are not able to pay their EMI on time. The number of failures of auto debit transactions increasing continuously for the last three months shows that the second wave of Corona has had a bad effect on the country’s economy.

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