Question

Which of the following organization has decided to formulate Digital Payment Index?

• A. Niti Aayog
• B. RBI
• C. NPCI
• D. SBI

Answer 1

The Correct Option is B

The question asks which organization has decided to formulate the Digital Payment Index. Let's analyze each option:

• Niti Aayog: Niti Aayog is a policy think tank of the Government of India and is not directly involved in formulating indices related to financial payments.
• SBI: The State Bank of India is a financial institution and while it plays a significant role in the banking sector, it does not create indices for digital payments on a national level.
• NPCI: The National Payments Corporation of India is an organization responsible for operating retail payments and settlement systems in India, such as UPI. However, it is not tasked with creating a national level index for digital payments.
• RBI: The Reserve Bank of India (RBI), being the central bank of the country, plays a key role in the regulation and supervision of the financial system, and is the organization that has decided to formulate the Digital Payment Index to assess the extent of digitization of payments across the country.

Based on the above analysis, the correct answer is RBI.

To reaffirm, the Reserve Bank of India (RBI) announced the creation of a Digital Payment Index (DPI) to capture the extent of digitization of payments effectively. The DPI is an important tool to measure the penetration of digital payments and its growth over time in India.

Hence, the correct answer is:

• RBI