Mumbai (ABC Live India): The Reserve Bank of India has decided to publish Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country from July 2021.
The Digital payments in India have been growing rapidly. The Reserve Bank shall construct and periodically publish a composite “Digital Payments Index” (DPI) to capture the extent of digitisation of payments effectively.
The DPI would be based on multiple parameters and shall reflect accurately the penetration and deepening of various digital payment modes. The DPI will be made available from July 2020 onwards.
It is mention worthy that RBI has announced in its the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, and accordingly 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 comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods. These parameters are –
- (i) Payment Enablers (weight 25%)
- ii) Payment Infrastructure – Demand-side factors (10%),
- (iii) Payment Infrastructure – Supply-side factors (15%)
- (iv) Payment Performance (45%)
- (v) Consumer Centricity (5%).
Each of these parameters have sub-parameters which, in turn, consist of various measurable indicators. The major sub-parameters under each parameter are available here.
The RBI- Digital Payments Index has been constructed with March 2018 as the base period, i.e. Digital Payments Index score for March 2018 is set at 100.
The Digital Payments Index for March 2019 and March 2020 work out to 153.47 and 207.84 respectively, indicating appreciable growth. Going forward, Digital Payments Index shall be published on RBI’s website on a semi-annual basis from March 2021 onwards with a lag of 4 months.
Source : ABC Live India
