India has seen a significant surge in digital transactions over the past six financial years (FY20 to FY25), reaching Rs 12,000 crore in value, the government informed Parliament on Monday.
To further boost digital adoption, the government is working in tandem with various stakeholders, including the Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI), fintech companies, banking institutions, and state governments.
The Reserve Bank of India has created the Payment Infrastructure Development Fund (PIDF), in order to facilitate and spur the digital payment adoption and build infrastructure in tier 3 and small cities, northeastern states and Jammu and Kashmir. The Parliament received an update.
Till May 31, 2025, around 4.77 crore digital touch points are in service, created through PDF.
Moreover, to measure the extent of digitisation in the country, the central bank has deployed the Digital Payment Index (RBI-DPI).
These measures helped increase formal credit channels to facilitate economic participation and helped more entities into the formal financial ecosystem.
The United Payments Interface (UPI) has enabled citizens, including small vendors and rural users, to accept digital payments, reduce cash dependency and augment the formal participation in the economy, the Parliament was told.
As per the data released by the RBI, the RBI-DPI index reached 465.33 for September 2024, marking continued growth in digital payment adoption, infrastructure expansion in the country.
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