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Monetary Management and Financial Intermediation 135

Another real-time fund transfer platform available 24x7x365 is Immediate Payment Service (IMPS).
In April-December 2021, transactions worth `29,349 billion have been processed on IMPS. On 8
th
October 21, RBI increased the daily limit of IMPS transactions from `2 lakh to `5 lakh which should
further help in boosting digital payments.
Another digital payment solution launched in August 2021, e-RUPI is a person-specific, and purpose-
specific digital voucher where it is not required for the customer to have a bank account and is operable
on basic phones, even in areas which lack an internet connection. The first use case of e-RUPI was
implemented for COVID-19 vaccination program which saw more than 2.2 lakh beneficiaries being
issued the voucher.
The Digital Payments Index of RBI, captures the extent of digitization of payments across the country.
The index captures (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 Digital Payments Index increased from 100 in March
2018 (base period) to 304.06 in September 2021.

NON-BANKING FINANCIAL COMPANIES (NBFCs) SECTOR

4.31 Credit growth of NBFCs continued to remain sluggish in 2021-22 so far (Figure 15). The
total credit of NBFC sector increased marginally from `27.53 lakh crore in March 2021 to
2
`28.03 lakh crore in September 2021. The credit intensity of NBFCs, measured by NBFC credit
as a ratio of GDP has been rising consistently and stood at 13.7 at end March 2021 (Figure 16).

Figure 15: Credit growth (YoY) from NBFCs Figure 16: NBFC’s Credit to GDP Ratio

35
14 13.7
30 12.2 12.1
12 11.5
25
10 8.6 8.8 8.9 9.6 9.6
20
per cent 15 8 6 per cent

10
4
5
2
0
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 Sep-21 0 2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: RBI Source: Trends and Progress of Banking in India, RBI
Note: Data for September 2021 pertains only to Deposit Note: Data is at end- March; GDP data used is GDP at
taking NBFC and non-deposit taking systemically current market prices (base:2011-12
important NBFCs based on offsite returns data

4.32 Industry remained the largest recipient of credit extended by the NBFC sector, followed
by retail loans and services (Figure 17). The share of large industry in the total credit to industry
by NBFC sector increased from about 82 per cent at end March 2019 to 90 per cent at end
September 2021.

2 The sector represents top 300 NBFCs based on their asset size as of September 2021