Reserve Bank of India’s Digital Payments Index (RBI-DPI) has experienced an impressive four-fold surge since 2018, showcasing a robust upward trend in digital transactions.
According to the recent RBI report, the index reached a score of 395.57 in March 2023, marking a significant increase from 377.46 in September 2022 and 349.30 in March 2022. This surge represents a remarkable four-fold jump since 2018.
The rapid expansion of digital retail payments, particularly driven by the Unified Payments Interface (UPI), has been noteworthy, with a staggering 50% increase over the last five years.
The RBI-DPI index has witnessed growth across all parameters, fueled by substantial advancements in payment infrastructure and performance throughout the country during this period.
Since January 1, 2021, the RBI has been publishing composite RBI-DPI data, using March 2018 as the base year, providing insights into the extent of the country’s digitization of payments.
The index series since its inception is as under:
Period RBI – DPI Index
March 2018 100
March 2019 153.47
Sept 2019 173.49
March 2020 207.84
Sept 2020 217.74
March 2021 270.59
Sept 2021 304.06
March 2022 349.30
Sept 2022 377.46
March 2023 395.57