Increase in the number of people adopting UPI across the country, RBI released data

The dream of Digital India seems to be coming true continuously. RBI has also released new figures regarding this. The central bank has said that there has been a significant increase in the number of people adopting UPI across the country. These figures have been released according to a total of 5 parameters. Come, let us know about the index introduced by RBI.
According to the RBI's index that measures the adoption of online transactions, digital payments across the country are expected to register a growth of 13.24 percent in a year till March 2023. RBI's Digital Payments Index (RBI-DPI) stood at 395.57 at the end of March 2023, compared to 377.46 in September 2022 and 349.30 in March 2022.
The Reserve Bank of India (RBI) said in a statement on Thursday that the RBI-DPI index rose across all parameters due to significant growth in payment infrastructure and payment performance across the country during this period.
The central bank announced the creation of a composite RBI-DPI in March 2018 as a basis to capture the extent of digitization of payments across the country. The index comprises five broad parameters, which enable it to measure the depth and penetration of digital payments in the country over different periods.
The parameters are payments enablers (25 percent), payments infrastructure - demand-side factors (10 percent), payments infrastructure - supply-side factors (15 percent), payment execution (45 percent), and consumer centricity (5 percent). Let us tell you that this index is published on a half-yearly basis from March 2021 with a gap of four months.