The RBI’s Digital Payment Index, which exhibits the deepening of funds via digital modes in India, rose by 39.64 per cent to 304.06 in September 2021 in opposition to 217.74 within the year-ago month.
Constructed with March 2018 as the bottom interval — DPI rating for March 2018 is about at 100 — the RBI-DPI was 173.49 in September 2019. Digital funds elevated after Covid hit the nation in March 2020 and the federal government and the Reserve Bank of India (RBI) introduced a number of measures to spice up digital funds.
The RBI-DPI includes 5 broad parameters that allow measurement of deepening and penetration of digital funds within the nation over completely different time durations, viz. cost enablers (with 25 per cent weight), cost infrastructure—demand-side elements (10 per cent), cost infrastructure—supply-side elements (15 per cent), cost efficiency (45 per cent) and client centricity (5 per cent). These parameters have sub-parameters which, in flip, consist of varied measurable indicators.
The DPI for March 2019 and March 2020 work out to 153.47 and 207.84, respectively. The RBI stated the DPI can be based mostly on a number of parameters and can replicate precisely penetration of varied digital cost modes.
