The index rose by 30 percent between March 2020 and March 2021
Mumbai, July 29 (IANS)| The COVID-19 pandemic and its associated restrictions have given a boost to digital transactions in the country. One of the indicators of rapid adoption of the online payment medium is the Digital Payments Index of the Reserve Bank of India. After moving at a moderate pace over the past few years, the index has risen sharply by 30 per cent between March 2020 and March 2021.
The pandemic is one of the reasons why people are increasingly preferring digital payment systems. But improvements in digital payment infrastructure have also fueled this adoption. RBI had earlier announced the creation of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as the basis for digitization of payments across the country.
In a statement, the apex bank said that the RBI-DPI index has exhibited significant growth in the index in recent years, representing rapid adoption and propagation of digital payments across the country. Starting from March 2018, the index increased to 153.47 in March 2019, 173.49 in September 2019 to 207.84 in March 2020, 217.74 in September 2020 and 270.59 in March 2021.
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