Outlook Business Desk
Navratri festivities and recent GST cuts combined to trigger massive consumer demand, lifting digital transactions in India to record highs across categories like cars, apparel, and electronics, according to RBI data.
RBI data showed digital transactions hitting ₹11.31 lakh crore on Monday, almost ten times higher than the previous day’s ₹1.18 lakh crore.
On Tuesday, digital transactions again crossed ₹11.19 lakh crore, reflecting upbeat festive sentiment and strong consumer appetite ahead of Diwali.
Recent GST reforms halved the number of tax slabs and lowered levies on cars, motorcycles, and appliances. With taxes on some cars dropping from 28% to 18%, automotive companies see rising dealer bookings and growing consumer demand nationwide.
Meanwhile, e-commerce giants Flipkart and Amazon’s festive sales drove online spending. Credit card transactions rose six-fold to ₹10,411 crore, while debit card payments tripled to ₹814 crore.
Following the recent GST relief and the positive market sentiment around it, we’ve seen a noticeable surge in customer engagement and spending. In just the past couple of days, demand has grown by nearly 20%, said Bikram Yadav, head of credit cards at RBL Bank, quoted by The Economic Times.
Meanwhile, Real-Time Gross Settlement (RTGS), the preferred channel for high-value payments, surged to ₹8.14 lakh crore from ₹17,166 crore. Large purchases, such as cars booked by dealers and consumers, drove this sharp increase in digital transactions.