UPI leads with over 4 crore transactions
Nearly 6 crore deals recorded in 4 days
Srinagar, Mar 19: Banking activity across Jammu and Kashmir witnessed a sharp spike during the Eid-ul-Fitr shopping period, with digital platforms leading the surge as thousands of people turned to cashless modes for festive purchases.
Notably, trends from the Eid-ul-Fitr rush indicate a decisive shift towards digital payments across the region.
As per official data of J&K Bank, available with the news agency—Kashmir News Observer (KNO), non-branch banking transactions between March 16 and 19 touched Rs 8,393.88 crore, spread across 5,94,00,887 transactions, reflecting robust economic activity ahead of Eid.
Going forward, such spikes are expected to increase further tomorrow, being the last day of the holy month of Ramadan, with growing digital penetration and consumer preference for faster payment modes.
As per the data, UPI remained the dominant transaction channel, recording 4,00,48,711 transactions worth Rs 3,125.00 crore during the four-day period.
It further said that mobile-based mPay services also witnessed significant activity, logging 1,70,58,715 transactions amounting to Rs 2,991.70 crore. The volume is expected to rise further with the culmination of Ramadan and peak festive shopping.
The data further revealed that despite the digital surge, ATM withdrawals continued alongside, with 15,50,168 transactions worth Rs 658.57 crore, indicating that cash still plays a parallel role during high-spending periods.
“High-value transactions through e-banking channels remained significant, with Rs 1,466.00 crore worth of transactions recorded, although the number of such transactions stood at 83,641,” the data said.
It added that kiosk banking also maintained its presence in underserved areas, facilitating 65,952 transactions worth Rs 152.61 crore during the period.
It is important to mention that Jammu and Kashmir has witnessed a steady rise in digital banking adoption over the past few years. While multiple banks operate in the region, J&K Bank remains the largest and most widely used financial institution, with a dominant presence in both urban and rural areas. (KNO)
