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There has been a significant growth in adoption as well as deepening of digital payments across the country.

There has been a significant growth in adoption as well as deepening of digital payments across the country, showed the Reserve Bank of India - Digital Payments Index (RBI-DPI) on Wednesday. Accordingly, the index reading for September 2021 rose to 304.06 (index value) from 270.59 in March 2021. "The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country," the RBI said in a statement.

Starting from March 2018, the index stood at 153.47 in March 2019, 173.49 in September 2019. This improved to 207.84 in March 2020, 217.74 in September 2020 and further increased to 270.59 in March 2021. Earlier, the RBI had announced construction of the composite index with March 2018 as a base to capture the extent of digitisation of payments across the country.

Starting from March 2018, the index stood at 153.47 in March 2019, 173.49 in September 2019. | Wikimedia Commons

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Reserve Bank of India has received a healthy response for its customer centric initiative of 'Retail Direct Scheme'.

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The scheme was launched by Prime Minister Narendra Modi on Friday. At the launch event, Prime Minister Modi said the 'Retail Direct Scheme' has given small investors in the country a simple and safe medium of investment in government securities. Till now, small investors found the investment exercise in G-sec as a cumbersome process.

Furthermore, he pointed out that 'Retail Direct Scheme' will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities. As government securities have the provision of guaranteed settlement, this gives assurance of safety to the small investor, he said.

The scheme has been touted as a significant milestone in the development of the G-sec market. It is expected to bring in G-secs within easy reach of the common man by simplifying the process of investment. The scheme will provide online access to the government securities market - both primary and secondary - along with the facility to open their gilt securities account ('Retail Direct') with the RBI. (IANS/ MBI)

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