 "RBI's digital payments index rises to 465.33 as of September 2024")
The Reserve Bank of India’s (RBI) digital payments index (DPI) rose to 465.33 as of September 2024, compared to 445.5 in March 2024, reflecting the rapid adoption of digital payments in the country.
“The increase in the RBI-DPI index was driven by growth in payment infrastructure and payment performance across the country over the period,” the central bank said in a statement.
Launched in January 2021, the DPI index indicates the extent of digitisation of payments across the country. The RBI-DPI has been constructed with March 2018 as the base period, i.e., the DPI score for March 2018 is set at 100.
The DPI index comprises five broad parameters that enable the measurement of deepening and penetration of digital payments in the country over different time periods. The parameters include:
Payment enablers (25 per cent weightage in the index)
Demand-side and supply-side payment infrastructure factors (10 per cent each)
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Payment performance (45 per cent)
Consumer centricity (5 per cent)
Each of the parameters has sub-parameters, which, in turn, consist of various measurable indicators.