RBI to release Digital Payment Index by July 2020

RBI to release Digital Payment Index by July 2020

The Reserve Bank of India announced that it will create a Digital Payment Index by July 2020. The main aim of the index creation is to capture the extent of digitization of monetary payments in the country.

With the launch of Digital India and the GoI’s push towards Digital Economy, the digital payments in the country has been growing fast. In order to monitor the digital payments, the Central Bank is to release Digital Payment Index. The index will reflect the penetration of digital payments in the country.

RBI has planned to introduce classification in the index. The classification will include rural, urban and semi-urban geographies.

The Index will help to study the impact of policy interventions that are being taken by the GoI.

The five factors that are influencing digital growth in India includes low data tariffs, rise in videos, widespread use of OTT (Over-the-top) platforms.Today India ranks the highest in video making platform.