RBI Digital Payments Index to Track Transactions

RBI Digital payments index

RBI Digital payments index :- As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 , the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country.

The RBI Digital payments index has been constructed with March 2018 as the base period. The DPI for March 2019 and March 2020 work out to 153.47 and 207.84 respectively, indicating appreciable growth.

What

1. The RBI-DPI comprises five broad parameters that enable the measurement of deepening and expansion of digital payments in the country over different time periods.
2. Each of these parameters has sub-parameters which, in turn, consist of various measurable indicators.
3. Going forward, RBI-DPI shall be published on a semi-annual basis from March 2021 onwards with a lag of 4 months.
4. The objective of DPI is to accurately reflect the penetration and deepening of various digital payment modes.

DPI’s parameters

1. Payment Enablers (weight 25%)
2. Payment Infrastructure – Demand-side factors (10%)
3. Payment Infrastructure – Supply-side factors (15%)
4. Payment Performance (45%)
5. Consumer Centricity (5%)

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