Which of the following statement/statements is/are INCORRECT regarding the RBI's Digital Payments Index?

1. The RBI's Digital Payments Index increased to 418.77 in September 2023 from 395.57 in March 2023.

2. The RBI-DPI comprises four broad parameters that measure the penetration of digital payments in the country over different time periods.

3. Payment Performance has the highest weightage (45 per cent) among all the parameters in the RBI-DPI.

Solution

The Reserve Bank of India’s (RBI) Digital Payments Index, a measure of the extent of digitisation of payments across the country, increased to 418.77 in September 2023 from 395.57 in March 2023. •     The RBI-DPI index has increased across all parameters and was driven particularly by growth in payment enablers, payment performance, and consumer centricity across the country over the period. •     The RBI-DPI has been constructed with March 2018 as the base period, that is, the DPI score for March 2018 is set at 100. •     The RBI-DPI comprises five broad parameters that measure the penetration of digital payments in the country over different time periods. •These parameters include Payment Enablers (weight 25 per cent), Payment Infrastructure – Demand-side factors (10 per cent), Payment Infrastructure – Supply-side factors (15 per cent), Payment Performance (45 per cent), and Consumer Centricity (5 per cent). •     The central bank publishes the RBI-DPI on a semi-annual basis with a lag of four months. Learn Along: About RBI Founded: 1 April 1935                           Headquarters: Mumbai                         Governor: Shaktikanta Das