The Reserve Bank of India (RBI) announced the index figures of digital payment adoption.
The central bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as the base year to capture the extent of digital payments growth across the country.
The index for September 2021 stands at 304.06 as against 270.59 for March 2021. The central bank said, the RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country. The index series since inception is as under:
|Period||RBI – DPI Index|
|March 2018 (Base)||100|
The RBI-DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods. These parameters are – (i) Payment Enablers (weight 25%), (ii) Payment Infrastructure – Demand-side factors (10%), (iii) Payment Infrastructure – Supply-side factors (15%), (iv) Payment Performance (45%) and (v) Consumer Centricity (5%). Each of these parameters have sub-parameters which, in turn, consist of various measurable indicators.
The RBI-DPI is published on RBI’s website on a semi-annual basis from March 2021 onwards with a lag of four months.