The Reserve Bank of India (“RBI”) in a Press Release dated 1st January 2021 has introduced RBI Digital Payment Index (“DPI”) with a view to capture the extent of digitisation of payments across the country.
The RBI-DPI is based on multiple parameters which aid and assist in the process of measuring the extent of penetration of digital payments in the country over different time periods.
The parameters are –
• Payment Enablers (weight 25%);
• Payment Infrastructure – Demand-side factors (weight 10%);
• Payment Infrastructure – Supply-side factors s (weight 15%);
• Payment Performance (weight 45%);
• Consumer Centricity (weight 5%);
The Press Release also specifies the major sub-parameters under each parameter.
With March 2018 as the base period, the RBI-DPI score for March 2018 is 100. The DPI for March 2019 and March 2020 are calculated as 153.47 and 207.84 respectively, indicating appreciable growth. The upcoming RBI-DPI will be published on RBI’s website on a semi-annual basis from March 2021 onwards with a lag of 4 months.
Source: Reserve Bank of India