Fewer defaults on EMI payments by consumers in March, shows NACH data

Recurring payments of retail customers — including loan installments, insurance premiums, etc — saw fewer defaults in March.

According to the data released by the National Payments Corporation of India, 32.76 per cent of all auto-debit transactions in volume terms failed in March compared to 36.6 per cent in February.

In absolute terms, of the 92.04 million transactions initiated, 61.88 million were successful, while 30.15 million failed.

The decline in auto-debit transactions had peaked in June last year when the failure rate was over 45 per cent. Since then, it has been gradually coming down, indicating higher regularity in EMI payments by consumers.

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