RBI-Digital Payments Index (DPI) Records Significant Rise: Reaches 418.77 in September 2023

The Reserve Bank of India (RBI) has reported a notable surge in the composite RBI-Digital Payments Index (RBI-DPI) for September 2023, marking a substantial increase from the March 2023 index of 395.57. This surge, revealed in the recent announcement on January 31, 2024, signifies the continued growth in digital payments, emphasizing advancements in payment enablers, performance, and consumer-centric initiatives across the nation.

The RBI-DPI index, established since January 1, 2021, with March 2018 as the base, serves as a comprehensive measure of the level of digitalization in payments throughout the country. The consistent upward trajectory in the index reflects the positive trends in the digital payments landscape.

Here is the historical RBI-DPI index series:

- March 2018 (Base): 100

- March 2019: 153.47

- September 2019: 173.49

- March 2020: 207.84

- September 2020: 217.74

- March 2021: 270.59

- September 2021: 304.06

- March 2022: 349.30

- September 2022: 377.46

- March 2023: 395.57

- September 2023: 418.77