CURRENT AFFAIRS

Detailed explanation-1: -RBI introduced the composite Digital Payments Index (RBI-DPI) on January 1, 2021 to capture digitisation of payments. Reserve Bank of India’s Digital Payments Index, a measure of the extent of digitisation of payments across the country, rose to 377.46 in September 2022 from 349.30 in March.

Detailed explanation-2: -RBI decided to publish the Digital Payments Index (DPI) semi-annually from March 2021 onward with a lag of 4 months. Therefore, from 2021 RBI started releasing DPI for March and September in the months of July and January, respectively.

Detailed explanation-3: -The index for March 2022 stands at 349.30 as against 304.06 for September 2021, which was announced on January 19, 2022. The RBI-DPI index has demonstrated significant growth representing the rapid adoption and deepening of digital payments across the country in recent years.

Detailed explanation-4: -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.