RBI Introduces Digital Payment Index

On 1st January, 2021, the RBI launched composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country.

Need

  • In recent months, digital transactions have picked up significantly in the country.
  • According to the latest RBI data, in retail segment, national electronic funds transfer (NEFT) transactions volume grew 24.6 percent y-o-y in November 2020, much higher than the growth (13.9 percent) recorded a month ago.
  • In value terms, UPI transactions to the tune of Rs 3.9 lakh crore happened while IMPS transactions worth Rs 2.76 lakh crore happened.
  • Also, RTGS transactions worth Rs 79.8 lakh ....
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