Question : On January 1, 2021, the Reserve Bank of India introduced the RBI-Digital Payment Index (DPI), which of the following facts is not correct regarding RBI-DPI ?
(a) The RBI-DPI comprises of 5 broad parameters
(b) The RBI-DPI comprises of 4 broad parameters
(c) The RBI-DPI comprises of 6 broad parameters
(d) The RBI-DPI comprises of 7 broad parameters
Ans.(a)
Related facts
- As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country.
- The RBI-DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods.
- Parameters
These parameters are – (i) Payment Enablers (weight 25%), (ii) Payment Infrastructure – Demand-side factors (10%), (iii) Payment Infrastructure – Supply-side factors (15%), (iv) Payment Performance (45%) and (v) Consumer Centricity (5%). - Each of these parameters have sub-parameters which, in turn, consist of various measurable indicators. The major sub-parameters under each parameter are available here.
- The RBI-DPI has been constructed with March 2018 as the base period, i.e. DPI score for March 2018 is set at 100.
- The DPI for March 2019 and March 2020 work out to 153.47 and 207.84 respectively, indicating appreciable growth.
By — Pankaj Pandey.
Link:
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50901