RBI March digital payments index at 270.59, shows significant growth

The Reserve Bank of India (RBI) March digital payments index (DPI) rose to 270.59 as against 207.84 for March 2020 indicating significant growth in digital transactions.

The index for September stood at 217.74.

The RBI announced the construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country.

The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years, the RBI said.

The RBI-DPI comprises five broad parameters that enable the measurement of deepening and penetration of digital payments in the country over different time periods.

These parameters are Payment Enablers, Payment Infrastructure – Demand-side factors, Payment Infrastructure – Supply-side factors,  Payment Performance and Consumer Centricity.

Each of these parameters has sub-parameters which, in turn, consist of various measurable indicators.