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02/01/21 11:00 AM IST

RBI launches Digital payments index

In news

The Reserve Bank of India released a Digital Payments Index to measure the growth in cashless transactions in India

Objective

To reflect accurately the penetration and deepening of various digital payment modes.

Details
  • The index comprises five broad parameters with varying weights to measure the penetration of digital payments
The five key parameters include:
  • Payment enablers (25%).
  • Payment infrastructure—demand-side factors (10%).
  • Payment infrastructure—supply-side factors (15%).
  • Payment performance (45%).
  • Consumer centricity (5%).
  • Each of these parameters have sub-parameters which, in turn, consist of various measurable indicators
  • The Reserve Bank of India has set the base year of Digital Payments Index as 2018.
  • The Digital Payments Index for the year 2019 was 153.47 and for that of 2020 was 207.84 respectively.
  • The Reserve Bank of India is to publish the Digital Payments Index on a semi-annual basis from March 2021.
Source: The Hindu

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