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MUMBAI : Digital payment transactions reported a 40% year on year jump as of September 2021, as per the RBI’s latest index that measures the extent of digitization of payments.  

The newly constituted RBI’s digital payment index (RBI-DPI) stood at 304.06 during September 2021 as against 270.59 in March 2021 and 217.74 in September 2020.  

“The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country," RBI said in a press release on Wednesday. 

RBI had announced the construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. 

The RBI-DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods.  

These parameters are - Payment Enablers (weight 25%),  Payment Infrastructure – Demand-side factors (10%), Payment Infrastructure – Supply-side factors (15%),  Payment Performance (45%) and Consumer Centricity (5%).  

The index is published on a semi-annual basis from March 2021 onwards with a lag of 4 months. 

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