Sign In
Learn bits
Economy
Mahesh

30/07/22 22:30 PM IST

RBI’s digital payments index at 349.30 in March 2022

In News 
  • Recent data (March 2021-22) from the Index demonstrated significant growth, indicating rapid adoption and deepening of digital payments across the country.
Digital Payments Index 
  • The index stood at 270.59 in March 2021.
  • The central bank had developed the composite Reserve Bank of India (RBI) – Digital Payments Index (RBI-DPI) with March 2018 as the base year to assess the extent of digitisation of payments in the country.
  • It captures the extent of digitisation of payments across the country (with 2018 as a base year- score set as 100) and is published semi-annually.
  •  RBI has created a Payments Infrastructure Development Fund (PIDF)to encourage acquirers to deploy Points of Sale (PoS) infrastructure — both physical and digital modes — in tier-3 to tier-6 centres and northeastern states.
  • RBI-DPI is published by the central bank on a semi-annual basis from March 2021 onwards with a lag of 4 months.
  • The RBI-DPI comprises of 5 broad parameters including payment enablers, demand side factors of payment infrastructure, supply side factors of payment Infrastructure, payment performance and consumer centricity.
Source- Financial Express 

More Related Current Affairs View All

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

05 Mar

Arresting women at night

'The Madurai Bench of the Madras High Court in Deepa versus S. Vijayalakshmi and Others ruled that the legal provision in the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, which

Read More

05 Mar

Digital Personal Data Protection Act, 2023

'The Ministry of Electronics and Information Technology (MeitY) looking to wrap up public consultations on the draft Rules for the Digital Personal Data Protection Act, 2023 by Mar

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps