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What is Reserve Bank of India – Digital Payments Index (RBI-DPI)?

There have been continuous efforts by various stakeholders for digitization of payments in the country. But how to we measure the impact of these efforts? 

What is Reserve Bank of India – Digital Payments Index (RBI-DPI)?

Reserve Bank of India (RBI) has constructed a composite Digital Payments Index (DPI) to capture the extent of digitization of payments across the country.

What are the parameters of RBI-DPI?

The RBI-DPI comprises of five broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods. These parameters along with their weights in the RBI-DPI are as follows – 

  1. Payment Enablers (25%)
  2. Payment Infrastructure – Demand-side factors (10%)
  3. Payment Infrastructure – Supply-side factors (15%)
  4. Payment Performance (45%)
  5. Consumer Centricity (5%). 

Each of these parameters have sub-parameters which, in turn, consist of various measurable indicators. 

What is the base year for RBI-DPI?

The RBI-DPI has been constructed with March 2018 as the base period, i.e. DPI score for March 2018 is set at 100. 

How often is RBI-DPI released?

From March 2021, the RBI-DPI is published by RBI on a semi-annual basis with a lag of 4 months.

What is RBI-DPI value in India?

(Updated on July 26, 2024) 

The index for March 2024 stands at 445.50 as against 418.77 for September 2023.

The RBI-DPI index has increased across all parameters driven by significant growth in payment performance and payment infrastructure across the country over the period.


References

Reserve Bank of India. (2021, January 01). 'Reserve Bank of India introduces the RBI-Digital Payments Index'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50901

Reserve Bank of India. (2024, July 26). 'RBI – Digital Payments Index for March 2024'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=58371


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