Reserve Bank of India to create Digital Payments Index

Reserve Bank of India announced the setting up of a Digital Payments Index. This index, the RBI says would help capture the extent of digitisation of payments effectively. The DPI would be based on multiple parameters and shall reflect accurately the penetration and deepening of various digital payment modes. The DPI will be made available from July 2020 onwards.

Daily Current Affairs Quiz 2020

Recently, the government scrapped merchant discount rates (MDR) on payments made through Rupay debit cards and the Unified Payments Interface (UPI), in a bid to push digital payments. MDR is basically the cost paid by a merchant to the bank for accepting payment from their customers via digital channels.