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RBI: The digital payment index will reveal the level of digitization

The Reserve Bank of India (RBI) has said that it has created a Composite Digital Payment Index (DPI) to determine the level of digitization of payments across the country. The base period for this has been made in March 2018. “The DPIs for March 2019 and March 2020 were 153.47 and 207.84, respectively,” the RBI said in a statement, indicating good growth. The RBI-DPI will be published on the central bank’s website on a half-yearly basis with an interval of four months from March 2021.

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The RBI-DPI consists of five broad criteria, which assess the penetration and status of digital payments over different periods. These criteria are … ease of payment (25% weight), payment infrastructure – demand side factors (10%), payment infrastructure – supply side factors (15%), payment effectiveness (45%) and customer-centric (5%) Percent).

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Each of these criteria has sub-criteria, including various indicators that identify digital transactions. RBI-DPI has been prepared for March 2018 as the base period. This means that before the March 2018 DPI mark of 100 is, the RBI announced in February that it would release the overall DPI to determine the level of digitization in payments. The purpose of this initiative is to accurately assess the status of digital payment systems.

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