DIGITAL PAYMENTS INDEX (Syllabus: GS Paper 3 - Economy)

Context: Digital payments across the country registered a growth of 13. 24% in a year through March 2023, as per RBI’s Digital Payments Index (RBI-DPI)  that measures the adoption of online transactions.

Key Points

• RBI’s Digital Payments Index (RBI-DPI) stood at 395. 57 at end- March 2023 compared to 377. 46 in September 2022 and 349. 30 in March 2022.
• The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period.
• The central bank announced the construction of a composite RBIDPI in March 2018 as a base to capture the extent of digitisation of payments across the country.