Banking & FinanceCurrent Affairs

RBI to create digital payments index

The Reserve Bank of India (RBI) is to create a digital payments index (DPI) by July 2020. This index will indicate the level of digitalization prevailing in the country.  Digital Payments Index (DPI): DPI will help the regulator and government to understand the adoption of digital payments in the country. The DPI by RBI will be based on multiple parameters. It will reflect the penetration and deepening of various digital payment modes It is expected that DPI’s benchmark will reflect the progress of digitization in the country. The government and central bank have been working on enabling the adoption of cashless payment modes that include, digital mobile wallets, debit and credit cards, internet banking and the Unified Payments Interface (UPI) system. DPI data will have a classification of urban, semi-urban and rural geographies to analyze the kind of digital payments that are gaining acceptance.

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