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RBI Digital Payment Index

Published on February 02, 2023
Current context: The Reserve Bank of India's (RBI) Digital Payments Index (DPI), a gauge of the country's level of payment digitisation, grew to 377.46 in September 2022 from 349.30 in March 2022 and 304.06 in September 2021.
RBI digital payment index

  • The RBI-DPI has improved across all categories, with notable growth in payment infrastructure and payment performance, according to the index, which shows that digital payments nationwide have grown by 24.13% in a year.
  • The RBI-DPI index series measures the changes in the deposit growth of banks in India.
  • The index has a base period of March 2018, which has been set at 100. In March 2021, the index stood at 270.59, reflecting an increase of 170.59 points from the base period. By September 2021, the index further increased to 304.06. The following data point, in March 2022, saw a significant rise to 349.3. Finally, in September 2022, the index reached its highest point at 377.46.
  • The Reserve Bank of India (RBI) created the RBI-Digital Payments Index (DPI) on January 1, 2021, to track the expansion of digital or cashless transactions nationwide.
  • For the index, the RBI has set the base year 2018, i.e. DPI score for March 2018 is set at 100. Since March 2021, RBI has published DPI semi-annually with a lag of four months.

Question:

Q.1 Who releases the Digital payment index?
a.NIA
b. RBI
c. Finance ministry
d. NSE


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