India's payment systems improve standing in global benchmarking exercise

The standing of the country's payment systems has improved: they are “leader or strong” on 25 parameters out of 40 in a benchmarking exercise, up from 21 in 2019, said the Reserve Bank of India (RBI) on Friday.

The number of indicators describing the country as “weak” declined to eight from 12 in 2019. India has moved to a leadership position as the digital payments system grows rapidly, the RBI said.

The benchmarking was first done in 2019, with respect to the position in 2017. A follow-on exercise, covering the same countries and parameters in the earlier study, was undertaken with respect