Digital payments have recorded a growth of 30.19 per cent during the year ended March 2021, reflecting adoption and deepening of cashless transactions in the country, RBI data showed.
As per the newly constituted Digital Payments Index (RBI-DPI), the index rose to 270.59 at the end of March 2021, up from 207.84 a year ago.
"The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years," the RBI said.
The Reserve Bank had earlier announced construction of a composite Reserve Bank of India - Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country.
The RBI-DPI comprises five broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods.
These parameters are -- Payment Enablers (weight 25 per cent); Payment Infrastructure - Demand-side factors (10 per cent); Payment Infrastructure - Supply-side factors (15 per cent); Payment Performance (45 per cent); and Consumer Centricity (5 per cent).
In January, the RBI had said the index will be published on a semi-annual basis from March 2021 onwards with a lag of four months.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

As per the newly constituted Digital Payments Index (RBI-DPI), the index rose to 270.59 at the end of March 2021, up from 207.84 a year ago

Digital payments up 30.2 per cent in FY21: RBI data

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / News / India News / Article / Digital payments up 30.2 per cent in FY21: RBI data

Digital payments up 30.2 per cent in FY21: RBI data

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast