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RBI introduces digital payments index to track adoption

The Reserve Bank of India (RBI) has introduced a Digital Payments Index (DPI) to capture the scale of adoption across various digital payments platforms and their performance over several parameters. The central bank had earlier announced that the DPI would be made available from July 2020 onward, but it only released the framework for the index on January 1, 2021. Like other indexes, the base year for the DPI has been set at 100 as of March 2018. As the adoption and use of digital payments has grown significantly since then, the DPI as of March 2019 stood at 153.47 and as of March 2020 stood at 207.84, indicating significant growth over a two year period. The DPI will be based on five major parameters, each with their own sub-parameters. These include: Payment Enablers (25%): Internet, Mobile, Aadhaar, Bank Accounts,…

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