Page 516 - ES 2020-21_Volume-1-2 [28-01-21]

Monetary Management and Financial Intermediation 143

Box 2: Digital payments
Financial transactions have been seeing high growth over the last few years. This financial
year has witnessed jumps in both volume and value of digital payments across all categories.
Overall transactions worth ` 19.35 lakh crore have been done via UPI and ` 1.02 lakh crore
via RuPay cards in 2020-21 (upto October).

Figure A. UPI payments (in ` billion) Figure B. RuPay Card usage
(in ` billion)

Source: NPCI
Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture
the extent of digitisation of payments across the country. The RBI-DPI comprises of 5 broad
parameters that enable measurement of deepening and penetration of digital payments in
the country over different time periods. These parameters are: (i) Payment Enablers (weight
25%), (ii) Payment Infrastructure – Demand-side factors (10%), (iii) Payment Infrastructure
– Supply-side factors (15%), (iv) Payment Performance (45%) and (v) Consumer Centricity
(5%).
The RBI-DPI has been constructed with March 2018 as the base period, i.e. DPI score for
March 2018 is set at 100. The DPI for March 2019 and March 2020 work out to 153.47 and
207.84 respectively, indicating high growth over the years. The index has grown more than
100 per cent in a span of 2 years.

DEVELOPMENTS IN CAPITAL MARKETS

1. Primary Markets (Equity)
A. Public Issue
4.41 The year 2020-21 (upto December) witnessed an increase in resource mobilization
2
through public issue compared to the similar period for previous year. During April-December
2020, although the number of companies raising money through public issue reduced to 33 from
49 in the same period last year, ` 31,086.64 crore were mobilised during this period as compared
to ` 10,950 crore in the similar period of previous year indicating an increase of 183.9 per
cent in resource mobilization over the period. Similarly, resource mobilization through rights
issues during 2020-21(upto December) increased to ` 60,906.90 crore from 16 rights issues as
compared to ` 51,865.86 crore from 13 issues in April-December (Table 7).

2
Date for 2020-21 is provisional