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Digital Payments Record 29% Annual Growth At March-End 2022: RBI Data

Digital payments across the country registered a growth of nearly 29 per cent in a year through March 2022, as per the RBI’s latest index that measures the adoption of online transactions

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Digital payments across the country registered a growth of nearly 29 per cent in a year through March 2022, as per the RBI’s latest index that measures the adoption of online transactions.

The newly constituted RBI’s digital payment index (RBI-DPI) stood at 349.3 in March 2022 against 304.06 in September 2021 and 270.59 per cent in March 2021.

“The RBI-DPI index has demonstrated significant growth, representing the rapid adoption and deepening of digital payments across the country in recent years,” the RBI said in a statement on Wednesday.

Canara Bank profit rises 72 pc to Rs 2,022 crore on higher interest income, loan growth. The Reserve Bank had announced the construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) in March 2018 as a base to capture the extent of digitisation of payments across the country.

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

These parameters are Payment Enablers (weight 25 per cent); Payment Infrastructure – Demand-side factors (10 per cent); Payment Infrastructure – Supply-side factors (15 per cent); Payment Performance (45 per cent); and Consumer Centricity (five per cent).

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

(PTI)


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digital payments Online Transactions