Digital payments grew significantly in FY23, data from a Reserve Bank of India (RBI) index for digitisation of payments showed. The Reserve Bank of India – Digital Payments Index (RBI-DPI) showed that the index for March 2023 stood at 395.58 as against 377.46 for September 2022, which was announced on January 31 -- a growth of 13.24 per cent.  

• The base index for March 2018 was 100, which continued to continuously increase from thereon. 
• The RBI-DPI for March 2022 was 349.30. It was 270.59 in March 2021, and 304.06 for September 2021. 
• The RBI constructed the DPI as part of the sixth bi-monthly monetary policy statement for 2019-20 to capture the extent of digitisation of payments across the country. 
• The index comprises five broad parameters including payment enablers, payment infrastructure – demand side factors, payment infrastructure – supply side factors, payment performance, and consumer centricity. Each of these parameters consists of various measurable indicators.