The base period for this has been created on March 2018. RBI said in a statement that, ‘The DPI for March 2019 and March 2020 were 153.47 and 207.84 respectively. This indicates good growth. ‘
DPI includes five broad criteria
RBI-DPI will be published on the website of Central Bank on a half-yearly basis with a difference of four months from March 2021 in the coming time.
These criteria are-
Payment facilitators (25% weightage)
Payment Infrastructure-Demand Side Factors (10%)
Payment Infrastructure-Supply Side Factors (15%)
Pay Performance (45 Percent)
Consumer Centered (Five Percent)
DPI is 100 marks for March 2018
Each of these criteria has sub-criteria that include various indicators that detect digital transactions. The RBI-DPI has been prepared with March 2018 as the base period. This means that the DPI mark for March 2018 is 100.
Announced in february
Earlier, the RBI announced in February that it would publish the overall DPI to ascertain the level of digitization in terms of payments. The objective of this initiative is to accurately assess the status of digital payment practices.
Motivated for digital banking
In the Corona era, RBI Governor Shaktikanta Das has inspired people for digital banking. The central bank had said that the security of digital payment channels would improve and the convenience for the users would also improve.
These guidelines will include the requirements of excellent company operations and the implementation of certain minimum standards and monitoring on common security controls of mediums such as Internet and mobile banking, card payment etc.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.