On July 28, 2021, the Reserve Bank of India (RBI) released the RBI – Digital Payments Index (RBI-DPI) in March 2021 at 270.59, increased from 207.84 in March 2020.
- The digital payments of the country have recorded a growth of 30.19 percent in FY21 due to COVID-19.
i.It is the index launched by RBI in January 2018 with March 2018 as the base period (ie. DPI score for March 2018 is set at 100) to identify the extent of digitisation of payments across the country. The index will be released semi-annually.
ii.Index Parameters: The index has 5 different parameters and sub-parameters to represent the adoption and deepening of digital payments across India over different time periods.
- The 5 parameters include – Payment Enablers, Payment Infrastructure – Demand-side factors, Payment Infrastructure – Supply-side factors, Payment Performance, and Consumer Centricity.
Note – Digital payments in India: As per the report of a US-based payment systems company ACI, Digital payments in India are estimated to account for 71.7 percent of the total payments volume by 2025, with the cash and cheques at 28.3 percent.
Recent Related News:
Indian Government’s Flagship Programme ‘Digital India’ completed 6 years on July 1, 2021. To commemorate this, the Ministry of Electronics and Information Technology organised a programme in which Prime Minister Narendra Modi interacted with the beneficiaries.
About Reserve Bank of India (RBI):
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, and M Rajeshwar Rao, T. Rabi Sankar