RBI’s Digital Payments Index Jumps to 377.46 in Sept from 349.30 in March: According to the RBI’s Digital Payments Index, which gauges the uptake of online transactions, digital payments worldwide saw growth of 24.13% in the year through September 2022.The newly-constituted RBI’s Digital Payments Index (RBI-DPI) stood at 377.46 in September 2022 against 349.30 in March 2022 and 304.06 in September 2021. Starting in March 2021, the index will be released twice a year, or semi-annually, with a four-month lag.
February 2023 Current Affairs Quiz
More About The RBI’s Digital Payments Index (RBI-DPI):
The RBI-DPI Index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period, Reserve Bank of India (RBI) said.
What is RBI’s Digital Payments Index (RBI-DPI):
- The Reserve Bank had announced construction of a composite 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 representing the rapid adoption and deepening of digital payments across the country in recent years.
- As of January 19, 2022, the index for September 2021 was 304.06; the index for March 2022 is 349.30.
- Among the digital modes of payments, the number of transactions using Real Time Gross Settlement (RTGS) increased by 30.5 percent during 2021-22.
- Payment transactions carried out through credit cards increased by 27 per cent and 54.3 per cent in terms of volume and value, respectively and transactions through debit cards decreased by 1.9 per cent in terms of volume, though in terms of value, it increased by 10.4 per cent.
- Volume and value terms for Prepaid Payment Instruments (PPIs) increased by 32.3 percent and 48.5 percent, respectively.
Parameters of Digital Payment Index(DPI):
The RBI-DPI comprises 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods. These parameters are-
- Payment Enablers (weight 25%).
- Payment Infrastructure – Demand-side factors.
- Payment Infrastructure – Supply-side factors (15%).
- Payment Performance (45%).
- Consumer Centricity (5%).