The Reserve Bank of India (RBI)’s Digital Payments Index (DPI) for March 2023 shows a 13.24% increase in digital payments across the country. The index stands at 395.57, compared to 377.46 for September 2022.
The RBI has been publishing the DPI since January 1, 2021, using March 2018 as a base. Due to improved payment infrastructure and performance, the DPI index has increased.
Digital payments
The RBI-DPI Index for March 2018 was 100, which increased to 152.47 in March 2019. The index surged to 173.49 and 207.84 in September 2019 and March 2020, and to 217.74 and 270.59 in September 2020 and March 2021. The index also surged to 304.06 and 349.30 in September 2021 and March 2022.
To gauge the level of payment digitalization across the nation, the Reserve Bank of India (RBI) created the composite digital payments index (DPI).
- RBI‘s DPI shows a 13.24% increase in digital payments.
- RBI-DPI includes demand-side, supply-side, performance, and consumer-centricity factors.
- RBI releases an index every two years, clarifying the legitimacy of “Star (*)” banknotes.
In addition to payment enablers, the RBI-DPI also includes payment infrastructure based on demand-side factors (10%), payment infrastructure based on supply-side factors (15%), payment performance (45%), and consumer centricity (5%).
Starting in March 2021, the index will be released on the RBI website every two years with a four-month lag. The legitimacy of banknotes with a “Star (*)” symbol on the number panel, which is used to replace banknotes that were improperly produced in a packet of 100 serially numbered banknotes, has also been clarified by the RBI.
A banknote with the Star emblem is the same as any other legal banknote with the exception that it is added between the prefix and the serial number.
