Reserve Bank of India introduced digital payment index

The bank aims to capture the spread of digital payments across the country

Reserve Bank of India index

Reserve Bank of India introduced digital payment index. Source: unsplash.com

The Reserve Bank of India (RBI) has unveiled a Digital Index, The Hindu reports. The Digital Payments Index (DPI) is set to showcase the effects of payments digitization in India.

The Index will use March 2018 as the base period. There is an appreciable growth in the DPI for March 2018 by 153.47 and March 2020 by 207.84.

Five broad parameters are used to measure the expansion and extent of digital payments in India over various periods. The RBI-DPI parameters include Payment Performance which carries a 45% weight, Payment enablers with a 25% weight; Payment Infrastructure (Demand-side effects) with a 10% weight; Consumer Centricity with a 5% weight; and Payment Infrastructure (Supply side-effects) with a 15% weight.

These parameters consist of other sub-parameters which include other measurable indicators.

Beginning in March 2021, RBI-DPI information can be accessed on RBI’s website. This information will be published on a semi-annual basis with a lag of 4 months.

We’ve reported that the Financial Services Commission plans to allow banks to operate nonfinancial services such as food delivery via their mobile apps across South Korea.

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Categories: All materials Banks News
Tags: India