RBI — Digital Payments Index
In the prospect of a hopeful new year, the Reserve Bank of India announces the launch of a composite Digital Payments Index (DPI) which would help access and capture the extent of digitization of payments across the country.
With the banking regulator and government hustling towards facilitating the adoption of cashless payments through digital wallets, internet banking, credit and debit cards; RBI-DPI arrives at the right moment.
The Construct –
The RBI-DPI comprises 5 broad parameters that enable the measurement of deepening and penetration of digital payments in the country over different time periods.
1) Payment Performance — 45%
2) Payment Enablers — 25%
3) Payment Infrastructure, Demand Side — 10%
4) Payment Infrastructure, Supply Side — 15%
5) Consumer Centricity — 05%
These are further broken down into the following sub-parameters –
The RBI-DPI was set up by taking March 2018 as the base month and assigning a value of 100. Post which, the recorded DPI has increased to 153.47 in March 2019 and 207.84 in March 2020.
RBI further said, “Going forward, RBI-DPI shall be published on RBI’s website on a semi-annual basis from March 2021 onwards with a lag of 4 months.”
Source — https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50901
