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RBI-Digital Payments Index for March 2021 rises to 270.59

RBI-Digital Payments Index for March 2021 rises to 270.59

DPI score for March 2018 is set at 100. DPI for March 2019 and March 2020 worked out to 153.47 and 207.84, respectively, indicating appreciable growth

RBI set up composite RBI-DPI in January this year RBI set up composite RBI-DPI in January this year

Showing a significant growth in penetration of digital payments in the country, the Reserve Bank of India-Digital Payments Index (RBI-DPI) for March 2021 stands at 270.59 against 207.84 for March 2020, a central bank statement said on Wednesday.

"The RBI-DPI 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 composite Reserve Bank of India-Digital Payments Index (RBI-DPI) was set up by the apex bank in January this year, with March 2018 as the base to capture the extent of digitisation of payments across the country.

The DPI score for March 2018 is set at 100. The DPI for March 2019 and March 2020 worked out to 153.47 and 207.84, respectively, indicating appreciable growth. The central bank had earlier said the RBI-DPI will be published on its website on a semi-annual basis from March 2021 onwards, with a lag of four months.

The RBI-DPI comprises five broad parameters that measure the penetration of digital payments in the country over different periods. These parameters are payment enablers (weight 25%), payment infrastructure - demand-side factors (10%), payment infrastructure - supply-side factors (15%), payment performance (45%) and consumer centricity (5%).

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

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