SDG 8: Decent Work and Economic Growth | SDG 9: Industry, Innovation and Infrastructure | SDG 17: Partnerships for the Goals
Reserve Bank of India (RBI) | Ministry of Finance
The RBI composite index for capturing the extent of digitisation (RBI-DPI) across the country has risen to 516.76. This represents a significant increase from 493.22 recorded in March 2025, continuing the strong growth trajectory since the index’s inception with a base of 100 in March 2018.
The growth in the September 2025 index was primarily driven by substantial performance in two key parameters: Payment Performance and Payment Enablers. By providing a semi-annual measurement of the digital payments ecosystem, the RBI-DPI serves as a critical benchmark for evaluating the deepening of financial inclusion and the effectiveness of India’s Digital Public Infrastructure (DPI).
Key Pillars of the RBI Digital Payments Index(RBI-DPI)
Payment Performance (Weight: 45%): Capturing the volume and value of digital transactions to reflect actual usage and consumer adoption.
Payment Enablers (Weight: 25%): Assessing the underlying infrastructure, such as mobile penetration and bank account coverage, that facilitates digital payments.
Payment Infrastructure – Demand Side (Weight: 10%): Measuring the availability of debit/credit cards and mobile banking services to individual users.
Payment Infrastructure – Supply Side (Weight: 15%): Evaluating the deployment of POS terminals, QR codes, and ATMs that enable merchant-side transaction acceptance.
Consumer Awareness and Education (Weight: 5%): Tracking the outreach and literacy efforts that ensure safe and informed participation in the digital economy.
What is the “RBI-DPI”? The Reserve Bank of India – Digital Payments Index (RBI-DPI) is a composite index launched in January 2021 to measure the overall growth and penetration of digital payments in India. Using March 2018 as the base (100), the index aggregates various indicators into five broad parameters to provide a comprehensive score. A rising index—such as the 516.76 score in September 2025—indicates a rapidly evolving ecosystem where digital transactions are becoming more frequent, valuable, and accessible across different segments of the Indian population.
Policy Relevance
The September 2025 index represents a transition from digital adoption to “Digital Maturity”, validating the effectiveness of India’s investment in the UPI and RuPay ecosystems.
Strategic Impact:
Deepening Financial Inclusion: The steady rise in the index suggests that digital payment enablers are successfully reaching beyond tier-1 cities into rural and semi-urban corridors.
Validating Payment Enablers: Significant growth in the “Payment Enablers” parameter reflects the successful expansion of bank account linkages and high-speed mobile internet penetration.
Incentivizing Merchant Adoption: High scores in the infrastructure components indicate that the “Supply Side” is keeping pace with consumer demand for QR-based and card-less payments.
Benchmarking Global Leadership: India’s DPI score of 516.76 highlights its position as a global leader in real-time digital payments, providing a model for other emerging economies.
Follow the full report here: RBI: Digital Payments Index for September 2025