DIGITAL PAYMENT RELATED INDEX / COMPETITIONS/REPORTS BY RBI

Question 1

What is the RBI Digital Payments Index (DPI)?

Answer 1

The RBI Digital Payments Index (DPI) is a metric used to measure the adoption of digital payments in India. It considers factors like payment infrastructure, performance, and consumer centricity.

Question 2

Why did the RBI create the Financial Inclusion Index?

Answer 2

The Reserve Bank of India developed the Financial Inclusion Index to track the progress of financial inclusion efforts. This index measures factors like accessibility, usage, and quality of financial services (banking, loans, insurance, pensions) across different sections of society.

Question 3

What is the purpose of the RBI’s Harbinger Hackathon 2021?

Answer 3

The Harbinger Hackathon 2021 aimed to find innovative solutions and ideas to boost digital payments across India. It encouraged participants to come up with new concepts for payment methods, security, and financial inclusion through technology.

Question 4

What are some factors the DPI considers when measuring digital payment adoption?

Answer 4

Payment infrastructure availability, payment system performance, degree of digitization, and consumer protection aspects.

Question 5

Give 2 examples of how financial inclusion benefits a country’s economy.

Answer 5

Increased economic participation by people previously excluded from the financial system.
Greater savings and investment potential, leading to economic growth.