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News: Reserve Bank of India(RBI) has launched a composite Digital Payments Index(DPI).
Facts:
- Objective: To capture the extent of digitisation of payments across the country given the sharp pick-up in digital transactions seen in the recent past.
- Parameters: The index comprises five broad parameters with varying weights to measure the penetration of digital payments.The five key parameters include:
- Payment enablers (25%).
- Payment infrastructure—demand-side factors (10%).
- Payment infrastructure—supply-side factors (15%).
- Payment performance (45%).
- Consumer centricity (5%).
- These factors include multiple sub-parameters that would help the regulator conduct its study into the digital payment ecosystem.
- Duration of Releasing Index: The index shall be published on RBI’s website on a semi-annual basis from March 2021 onwards with a lag of 4 months.
- Base Year: The index has been constructed with March 2018 as the base period.At a base of 100 for March 2018, the RBI has measured that the index rose to 153.47 and 207.84 in 2019 and 2020 respectively.
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