- Published on September 12, 2022
- In IT Services
A New Digital Rupee Could Shake the Indian Financial System
Digital rupee can help the government better deliver government-to-citizen payments, such as social welfare disbursements, loans and subsidies to farmers and MSMEs
- By Pritam Bordoloi
The Reserve Bank of India has selected four public sector banks – State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda – to run a pilot Central Bank Digital Currency (CBDC) project ahead of a possible rollout this financial year.
The digital rupee is expected to have various implications for the economy and monetary policy, Reserve Bank deputy governor T Rabi Sankar had said earlier this year. He further emphasised that RBI was looking at CBDC as just the digital form of paper currency at the moment.
However, the benefits are aplenty, especially for India’s financial system as well as the economy.
( Source: European Central Bank report)
Growing digital economy needs a digital currency
While presenting the Budget 2022, Finance Mini
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Pritam Bordoloi
I have a keen interest in creative writing and artificial intelligence. As a journalist, I deep dive into the world of technology and analyse how it’s restructuring business models and reshaping society.
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