Image Source: Freepik.com
The Reserve Bank of India (RBI) has reported a notable increase in digital payments across the country, with a 12.6% rise as of March 31, 2024, according to its Digital Payments Index (RBI-DPI). This growth reflects significant advancements in the nation’s payment infrastructure and performance.
Index Performance
The RBI-DPI stood at 445.5 at the end of March 2024, up from 418.77 in September 2023 and 395.57 in March 2023. This consistent upward trend highlights the increasing adoption of digital transactions nationwide.
Growth Across Parameters
“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,” the Reserve Bank of India (RBI) stated on Friday.
About the Index
The RBI introduced the composite RBI-DPI in March 2018 to measure the extent of digitisation of payments across India. The index is based on five key parameters, each with specific weightage:
Payment Enablers: 25%
Payment Infrastructure Demand-side factors: 10%
Payment Infrastructure Supply-side factors: 15%
Payment Performance: 45%
Consumer Centricity: 5%
Publication Schedule
The RBI-DPI is published semi-annually, starting from March 2021, with each release delayed by four months to ensure comprehensive data analysis. The latest figures underscore the continuous and robust growth of digital payments in India, driven by improvements in both infrastructure and user adoption.
