Digital payments grow 30.2% in FY21: RBI Data

  • According to the data released by the Reserve Bank of India (RBI), digital payments in India grew by 30.19% in the financial year 2020-21.

  • This increase in cashless transactions depicts the rise in the number of Indians adopting online payment methods to make their payments.

  • The RBI-Digital Payment Index (RBI-DPI) stood at 270.59 at the end of FY 2020-21 significantly higher than the previous year's index which stood at 207.84.

  • "The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years," the RBI said.


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