The Reserve Bank said that the RBI-DPI has demonstrated a significant increase in the index representing the growth in digital payments across the country in recent years.
Growth of 30.19 percent in digital payments in the financial year 2020-21.
According to the Reserve Bank of India data, a growth of 30.19 per cent was registered in digital payments in the financial year 2020-21, which reflects the increasing cashless transactions in the country. According to the newly formed Digital Payments Index, the index rose to 270.59 at the end of March 2021, from 207.84 a year ago.
“RBI-DPI has demonstrated a significant increase in the index representing the growth in digital payments across the country in recent years,” the Reserve Bank said. The Reserve Bank had earlier announced the creation of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) to ascertain the extent of digital payments across the country. The basis for this was made in March 2018. The RBI-DPI comprises five broad parameters that enable it to measure the depth and penetration of digital payments in the country over different time periods.
These are the five factors
These parameters are – Payment Enabler (weightage 25 per cent), Payment Infrastructure – Demand Side Factor (10 per cent), Payment Infrastructure – Supply Side Factor (15 per cent), Payment Performance (45 per cent) and Consumer Centricity (5 per cent).
publication every four months
The prevalence of online transactions has increased significantly during the Corona epidemic. In such a situation, the Reserve Bank of India launched DPI (Digital Payments Index) to find out the level of digital payments. The basis for DPI calculation is March 2018. The index for that year is assumed to be 100. The DPI for March 2019 and March 2020 has been 153.47 and 207.84. The RBI-DPI will be published on the central bank’s website on a half yearly basis with a gap of four months from March 2021. The RBI-DPI comprises five broad parameters that measure the penetration and status of digital payments over different time periods.
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