CURRENT AFFAIRS

Detailed explanation-1: -The newly-constituted RBI’s Digital Payments Index (RBI-DPI) stood at 377.46 in September 2022 against 349.30 in March 2022 and 304.06 in September 2021.

Detailed explanation-2: -The index for September 2022 stands at 377.46 as against 349.30 for March 2022. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period.

Detailed explanation-3: -The Reserve Bank of India’s (RBI) digital payments index (DPI) increased from 304.46 for September 2021 to 349.30 for March 2022, showing that the country is seeing an increase in digital payments, driven in part by unified payments interface (UPI). At the end of March 2021, the index was 270.59.

Detailed explanation-4: -2022 was a great year for India’s digital payments framework, or UPI, on all fronts – be it the number of transactions or their total value. At the end of the calendar year 2022, UPI’s total transaction value stood at INR 125.95 Lakh Cr, up 1.75X year-on-year (YoY), as per the NCPI.

Detailed explanation-5: -This index is broadly comprised of five parameters measuring the penetration of digital payments across India over varying periods. As per the FAQs published by the RBI, those parameters and their weightage in the index are: Payment Enablers (weight 25 per cent).