The RBI’s Digital Payments Index; over 65,000 crore digital transactions amounting to Rs12,000 lakh crore recorded over the past six financial years; strong indicators of the depth and scale of digital transformation
FinTech BizNews Service
Mumbai, July 29, 2025: The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2025 stands at 493.22 as against 465.33 for September 2024, which was announced on January 29, 2025.
The increase in RBI-DPI index was driven by significant growth in parameters viz. Payment Infrastructure – Supply-side factors and Payment Performance across the country over the period.
The index series since its inception is as under:
| Period | RBI – Digital Payment Index (DPI) |
| March 2018 (Base) | 100 |
| March 2019 | 153.47 |
| September 2019 | 173.49 |
| March 2020 | 207.84 |
| September 2020 | 217.74 |
| March 2021 | 270.59 |
| September 2021 | 304.06 |
| March 2022 | 349.30 |
| September 2022 | 377.46 |
| March 2023 | 395.57 |
| September 2023 | 418.77 |
| March 2024 | 445.50 |
| September 2024 | 465.33 |
| March 2025 | 493.22 |
Mr. Dilip Modi, Founder & CEO, Spice Money, explains: "According to the Reserve Bank of India’s Digital Payments Index, the country witnessed a 10.7% year-on-year rise in digital payments as of March 2025, indicating continued momentum in the adoption of online transactions.
India is in the midst of a financial revolution, driven by the rapid rise of digital infrastructure, payments adoption, and data-driven credit enablement. The RBI’s Digital Payments Index, which rose 10.7% year-on-year to 493.22 as of March 2025, and the over 65,000 crore digital transactions amounting to ₹12,000 lakh crore recorded over the past six financial years, as recently mentioned in Parliament, are strong indicators of this transformation highlight the depth and scale of this transformation.
What is especially encouraging is that this growth is not confined to metros, it is reaching tier 2, 3, and rural areas, powered by targeted initiatives like the Payments Infrastructure Development Fund and collaborative efforts across government, RBI, NPCI, fintechs, and banks.
In parallel, we are also witnessing a fundamental shift in how credit is assessed and delivered. The launch of the New Digital Credit Assessment Model for MSMEs also signals the transition from traditional underwriting to real-time, data-driven evaluation.
Together, these developments mark a new chapter in India’s financial journey, one that is digital-first, inclusion-led, and innovation-driven. For the fintech industry and financial inclusion players like us, this is an unprecedented opportunity to unlock economic potential at the grassroots and build a truly inclusive digital India."
