Phased implementation of digital currency for wholesale, retail segments at works: RBI official
2 years, 8 months ago

Phased implementation of digital currency for wholesale, retail segments at works: RBI official

India Today  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for the wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 has been made with the passage of the Finance Bill 2022, Ajay Kumar Choudhary, Executive Director, Reserve Bank of India said. "RBI is also working on phased implementation of a central bank digital currency in both wholesale and retail segment," Choudhary said while delivering a keynote address at the 'PICUP Fintech Conference & Awards' by FICCI. As fintech adoption picked up in the country, the Reserve Bank issued guidelines regulations for emerging areas such as payment banks in 2014, account aggregator in 2016, pre-paid instruments in 2017, peer-to-peer lending in 2017, invoice discounting 2018 to facilitate the industry in digital and for facilitating onboarding of consumers, individuals as well as KYC documentation, the official said.

India Bank Digital Fintech Digital Currency Currency Payment Official Rbi Cbdc  rbi  payment  segments  fintech  virtual  wholesale  digital  cbdc  retail  implementation  credit  currency  official  works  phased  bank

History of this topic

‘Commendable accomplishment’: PM Modi hails RBI for winning Digital Transformation Award 2025
1 week, 6 days ago

‘Commendable accomplishment’: PM Modi hails RBI for winning Digital Transformation Award 2025

Live Mint  

Indian Prime Minister Narendra Modi, in a social media platform X post on Sunday, March 16, congratulated the Reserve Bank of India for winning the UK's Digital Transformation Award 2025 by Central Banking on March 14. “Digital innovation continues to strengthen India’s financial ecosystem, thus empowering countless lives,” said PM Modi in his post on X. RBI's Digital Transformation Award …

Realign policies of RBI to changing economic realities
2 weeks, 6 days ago

Realign policies of RBI to changing economic realities

New Indian Express  

Under the new leadership, the Reserve Bank of India is ‘undoing’ some of the measures taken during the previous regime to allow the banking system to breathe easy. By the time Sanjay Malhotra took the reins of the central bank from Shaktikanta Das in December last year, India’s growth had slowed down to 5.6 percent, and the equity market was …

Mint Explainer | Fintechs launch CBDC wallets: Is RBI’s e-rupee set to take off?
1 month ago

Mint Explainer | Fintechs launch CBDC wallets: Is RBI’s e-rupee set to take off?

Live Mint  

Mumbai: Nine months after the Reserve Bank of India announced allowing non-bank payments players into central bank digital currency pilots, two private fintech firms, CRED and MobiKwik, have opened e-rupee wallets for their users in partnership with Yes Bank. CBDC wallets After the central bank enabled CBDC issuance for third-party application providers, platforms such as CRED and MobiKwik, in collaboration …

RBI unveils exclusive ‘bank.in’ internet domain to combat cyber fraud; 'fin.in' coming soon
1 month, 3 weeks ago

RBI unveils exclusive ‘bank.in’ internet domain to combat cyber fraud; 'fin.in' coming soon

Firstpost  

The registration process for the ‘bank.in’ domain will begin in April, with a broader ‘fin.in’ domain planned for the overall financial sector in the future RBI Governor Sanjay Malhotra says cybersecurity is a top priority for the central bank. AFP The Reserve Bank of India on Friday announced a new exclusive internet domain, ‘bank.in,’ for Indian banks to enhance cybersecurity …

RBI MPC meeting 2025: Banks to have ‘bank.in’ internet domain name, non-banks ‘fin.in’
1 month, 3 weeks ago

RBI MPC meeting 2025: Banks to have ‘bank.in’ internet domain name, non-banks ‘fin.in’

The Hindu  

In order to check cyber security threats, the Reserve Bank on Friday decided that Indian banks will have exclusive internet domain name 'bank.in' and non-bank financial entities 'fin.in'. Unveiling the last bi-monthly monetary policy of this fiscal year, RBI Governor Sanjay Malhotra said registrations for 'bank.in' will commence from April 2025, and going forward 'fin.in' will be introduced. The initiative …

RBI introduces 'bank.in' domain for Indian banks to tackle financial fraud
1 month, 3 weeks ago

RBI introduces 'bank.in' domain for Indian banks to tackle financial fraud

India Today  

The Reserve Bank of India has announced an exclusive internet domain 'bank.in' for Indian banks. The central bank in its latest notification mentioned, "The Reserve Bank shall implement the 'bank.in' exclusive Internet Domain for Indian banks. The RBI has also introduced Additional Factor of Authentication for domestic digital payments, thus enhancing stricter measures for online banking. It is proposed to …

Government is reportedly thinking about changing its stance on cryptocurrency
1 month, 3 weeks ago

Government is reportedly thinking about changing its stance on cryptocurrency

India Today  

India has a rigid cryptocurrency environment, and its stance on the digital currency has been anything but consistent. In December 2023, the Financial Intelligence Unit in India issued show-cause notices to 9 offshore crypto exchanges, including Binance and Kucoin, for non-compliance with local regulations. In 2023, former RBI Governor Shaktikanta Das also represented a critical stand against cryptocurrency in India. …

Why Shaktikanta Das was rated among world’s top central bankers, 6 big feats in 6 years
3 months, 2 weeks ago

Why Shaktikanta Das was rated among world’s top central bankers, 6 big feats in 6 years

Firstpost  

Shaktikanta Das’s tenure as RBI governor ended today. Das also hoped that Malhotra would carry forward RBI initiatives such as the Central Bank Digital Currency and unified lending interface and promote financial inclusion. ‘RBI, Finance Ministry perspectives can differ at times’ Das said that during his tenure as the RBI governor, there was a productive and cooperative relationship between India’s …

Shaktikanta Das: Six major policy decisions in six years as RBI Governor
3 months, 2 weeks ago

Shaktikanta Das: Six major policy decisions in six years as RBI Governor

India TV News  

Outgoing Reserve Bank of India Governor Shakti Kant Das has guided the country’s monetary policy through turbulent times during his six-year tenure. The central bank also announced a monetary policy including a Targeted Long-Term Repo Operations of Rs 1 lakh crore aimed at supporting critical sectors like MSMEs and NBFCs. Indian digital currency revolution Under Das’s leadership, India made significant …

UoH Professor Highlights Advantages of Digital Payments
3 months, 4 weeks ago

UoH Professor Highlights Advantages of Digital Payments

Deccan Chronicle  

Anantapur: Prof. Debashish Acharya from the School of Economics, University of Hyderabad, highlighted the RBI’s digital currency ecosystem at a national seminar on Digital Transformation and the Future of India’s Economy, organised by the Indian Council for Social Science Research at the Central University of Andhra Pradesh. In his keynote, Acharya discussed the advantages of digital payments over traditional cash, …

India at the Forefront of Digital Revolution: RBI’s Patra
4 months, 2 weeks ago

India at the Forefront of Digital Revolution: RBI’s Patra

Deccan Chronicle  

Mumbai: India is at the forefront of the digital revolution and financial technology is speeding up digital payments, the Reserve Bank of India Deputy Governor Michael Debabrata Patra said on Wednesday. Patra in his inaugural address at the DEPR Conference on 'Digital Technology, Productivity and Economic Growth in India' said that the country is uniquely positioned to unlock new growth …

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project
7 months, 3 weeks ago

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project

The Hindu  

Google, PhonePe, Amazon Pay, Cred and Mobikwik are looking to join Indian central bank’s digital currency project by offering transactions in e-rupee, a digital alternative to the physical currency. The news comes as transactions using the digital currency reached over a million a day last year, however, they have declined ever since, to about 100,000-200,000 a day. However, in April …

RBI’s digital rupee must leap over many hurdles for wider adoption
9 months, 2 weeks ago

RBI’s digital rupee must leap over many hurdles for wider adoption

Live Mint  

The Reserve Bank of India has been striving to boost the adoption of its Retail-Central Bank Digital Currency or e-rupee. RBI is also aiming to onboard more non-bank payment service operators and make the e-rupee inter-operable with India’s Unified Payments Interface. Despite having clearly defined use-cases for their country-specific CBDCs, these pilot projects suffered from weak internet connectivity and poor …

RBI To Make Digital Currency Available Offline
10 months, 3 weeks ago

RBI To Make Digital Currency Available Offline

Deccan Chronicle  

Mumbai: The Reserve Bank of India Governor Shaktikanta Das on Monday said the central bank is considering testing Central Bank Digital Currency in commercial papers and certificates of deposits on a pilot basis. Das said that the central bank has been working on making CBDC transferable offline, introducing programmability features and promoting financial inclusion. “We are working on making CBDC …

The impact of technology on finance: Enhancing experiences and safety
11 months, 2 weeks ago

The impact of technology on finance: Enhancing experiences and safety

Hindustan Times  

The proliferation of financial technology and digital banking services has revolutionised the financial landscape, making access to finance more convenient and inclusive. The prominence of fintech platforms and the increasing digitalisation of banks have democratised financial services, expanding access beyond metropolitan cities. There is a significant increase in instances of fraudsters posing as employees of fintech platforms, attempting to obtain …

E-rupee boost: RBI to enhance role of digital currency, allow non-bank operators to offer CBDC wallets
11 months, 3 weeks ago

E-rupee boost: RBI to enhance role of digital currency, allow non-bank operators to offer CBDC wallets

Hindustan Times  

In his statement released today, the Reserve Bank of India Governor, Shaktikanta Das, has indicated the central bank’s interest in enhancing the scope of digital currency in India. The RBI Governor said the central bank was looking to promote CBDC and that too by enhacing its scope through Non-bank Payment System Operators and thereby boost retail use. It is proposed …

Former RBI deputy governor flags potential privacy issues for CBDCs
1 year ago

Former RBI deputy governor flags potential privacy issues for CBDCs

The Hindu  

India’s Central Bank Digital Currency, known as the Digital Rupee, could entail resistance on civil rights grounds due to transactions being traceable, former Reserve Bank of India deputy governor Rama Subramaniam Gandhi said on Thursday at the Asia Pacific E-Commerce Policy Summit here. Current governor Shaktikanta Das dismissed these concerns, insisting that even though CBDCs would be used for digital …

Central Bank Digital Currencies Are Redefining Digital Money
1 year, 1 month ago

Central Bank Digital Currencies Are Redefining Digital Money

The Quint  

The Reserve Bank of India, in a forward-looking move, decided to extend the pilot program for the digital rupee. This extension reflects the central bank’s commitment to exploring and harnessing the potential of central bank digital currencies. Private players who dominate the digital payments market have simplified life for the world population with innovations like e-money, online transactions, mobile banking, …

RBI Monetary Policy: New changes announced to electronic trading platforms, digital payments
1 year, 1 month ago

RBI Monetary Policy: New changes announced to electronic trading platforms, digital payments

New Indian Express  

The Reserve Bank of India today released a major policy statement outlining several developmental and regulatory initiatives covering financial markets, regulations pertaining to lending institutions, and payment systems including digital currency and fintech. On the financial markets front, RBI announced that it will comprehensively review the existing regulatory guidelines for Electronic Trading Platforms that enable transactions in financial instruments regulated …

India need not rush in where the US dares to go
1 year, 2 months ago

India need not rush in where the US dares to go

Hindustan Times  

On January 10, the US securities market regulator, the Securities and Exchange Commission allowed 11 spot Bitcoin exchange-traded funds to list and trade on the stock market. In a statement issued the day he cleared the Bitcoin ETFs, he wrote: “Though we’re merit neutral, I’d note that the underlying assets in the metals ETFs have consumer and industrial uses, while …

India's Financial Intelligence Unit Registers Over Two Dozen Crypto Service Providers
1 year, 3 months ago

India's Financial Intelligence Unit Registers Over Two Dozen Crypto Service Providers

ABP News  

In a notable development for the Indian cryptocurrency sector, over two dozen digital currency service providers have registered with India's Financial Intelligence Unit. Here are some key case studies and developments: Enforcement Directorate's Proactive Measures India's Enforcement Directorate has been actively investigating several money laundering cases through cryptocurrencies. Regulatory Framework Strengthening India has subjected cryptocurrency trading to anti-money laundering laws, …

India holds the key to a global shift away from Swift
1 year, 3 months ago

India holds the key to a global shift away from Swift

Live Mint  

Over the pa​st few months, India's central bank has tied up with its peers in Singapore and the UAE to facilitate cross-border funds transfers between individuals on the back of its Unified Payments Interface platform. This is not just forward-looking move but a logical one, too, especially since India appears to have done the hard yards on launching a central …

Indian banks offer incentives to lift RBI’s e-rupee: Report
1 year, 5 months ago

Indian banks offer incentives to lift RBI’s e-rupee: Report

Live Mint  

Digital Rupee: In a bid to boost volums in RBI's e-rupee transactions, Indian banks are offering incentives for using the central bank digital currency. HDFC Bank leads Informing about the initiatives taken by HDFC Bank to boost RBI's e-rupee transactions, country head for payments, liability products, consumer finance and marketing, Parag Rao said that India's largest private lender has rolled …

Now Buy Floating Rate Savings Bonds On RBI Portal, Here's What Retail Investors Need To Know
1 year, 5 months ago

Now Buy Floating Rate Savings Bonds On RBI Portal, Here's What Retail Investors Need To Know

News 18  

The Reserve Bank on Monday said retail investors can subscribe to Floating Rate Savings Bonds, 2020 through its Retail Direct portal. Under the scheme, individual investors are permitted to open a Retail Direct Gilt account with the Reserve Bank of India, using an online portal, through which investments in government Securities can be made in primary and secondary markets. “In …

India's UPI leads the way in global non-cash transaction boom
1 year, 6 months ago

India's UPI leads the way in global non-cash transaction boom

India TV News  

India's UPI leads the way in global non-cash transaction boom In August, UPI-based payments in India achieved a milestone by surpassing 10 billion monthly transactions for the first time, as reported by the National Payments Corporation of India. According to IANS, the report pointed out that in 2022, UPI payments in India were more popular than credit and debit card …

RBI likely to start digital rupee pilot in call money market by next month
1 year, 6 months ago

RBI likely to start digital rupee pilot in call money market by next month

India TV News  

The Reserve Bank of India is likely to introduce the pilot of the Central Bank Digital Currency for transactions for the interbank borrowing or call money market by October, said central bank Executive Director Ajay Kumar Choudhary on Sunday. The pilot for the wholesale Central Bank Digital Currency known as the Digital Rupee-Wholesale was launched on November 1, 2022. RBI …

RBI Governor Shaktikanta Das Urges Fintech Players To Set Up Self Regulatory Organisation At GFF
1 year, 6 months ago

RBI Governor Shaktikanta Das Urges Fintech Players To Set Up Self Regulatory Organisation At GFF

ABP News  

Shaktikanta Das, governor of the Reserve Bank of India, on Wednesday urged fintech players to set up a Self Regulatory Organisation at the earliest for an orderly growth of the industry. "Fintech players need to evolve industry best practices, privacy, and data protection norms in sync with the law of the land," he said, adding that they can also set …

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:
1 year, 6 months ago

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:

ABP News  

In a recent keynote address at the G20 TechSprint Finale, Reserve Bank of India Governor Shaktikanta Das drew attention to the challenges surrounding cross-border payments, emphasising the issues of high costs and slow transaction speeds. Das indicated that the central bank digital currency — dubbed Digital Rupee — instant-settlement feature could offer a viable solution to these challenges. Despite advancements …

Crypto India Tax PMLA State Future Regulation RBI CBDC Digital Rupee ABP Live TV
1 year, 7 months ago

Crypto India Tax PMLA State Future Regulation RBI CBDC Digital Rupee ABP Live TV

ABP News  

Crypto is often called the "Internet of Value" and for good reason. Here’s Why Crypto Could Prove Important To India Remittances: A Game Changer India holds the global top spot for remittance receipts, raking in approximately $80 billion annually. Crypto and decentralised technologies are not merely optional but vital to safeguarding India's national sovereignty. Enterprise Adoption A consortium of 15 …

India ranks first in digital payments made globally: Report
1 year, 7 months ago

India ranks first in digital payments made globally: Report

Deccan Chronicle  

Hyderabad: Online banking and the shift to a cashless society started approximately three decades ago in India. This year, 91 billion digital payment transactions have been recorded and today India ranks first in the number of digital payments made globally. Backbase on Wednesday released the IDC Infobrief titled ‘Accelerating customer-centric transformation by balancing build and buy - A collaborative approach …

CBDC Pilot Expanded, To Include More Banks And Locations, Says RBI
1 year, 9 months ago

CBDC Pilot Expanded, To Include More Banks And Locations, Says RBI

ABP News  

The Reserve Bank of India on Tuesday said the scope of the Central Bank Digital Currency pilot is being expanded gradually to include more banks and locations. The pilot began with four banks -- State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank -- while four other banks -- Bank of Baroda, Union Bank of India, HDFC …

Digital Rupee: RBI Aims To Expand Use Cases, Features Of Retail, Wholesale CBDC
1 year, 9 months ago

Digital Rupee: RBI Aims To Expand Use Cases, Features Of Retail, Wholesale CBDC

News 18  

The Reserve Bank of India targets to expand the use cases and features of CBDC-Retail and CBDC-Wholesale, according to the central bank’s annual report released on Tuesday. “During 2023-24, the Reserve Bank aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features. “As the Reserve Bank embarks upon the journey of realising the …

Digital Rupee: RBI launches expand e-Rupee pilot to include more banks
1 year, 9 months ago

Digital Rupee: RBI launches expand e-Rupee pilot to include more banks

Live Mint  

The Reserve Bank of India wants to expand the ongoing pilot of the Central Bank Digital Currency and incorporate various use cases and features in 2023-24. In its annual report for 2022-2023, the central bank said, "During 2023-24, the Reserve Bank of India aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features." …

Understanding the current state of crypto assets in India
1 year, 11 months ago

Understanding the current state of crypto assets in India

Live Mint  

It is a sweeping wave for some and a conundrum for others but crypto is the new buzzword in the world of investment finance. On the whole, the government seems to be accepting crypto and the underlying blockchain technology rather than casting them away as ‘risky’ or even ‘banning’ them. Banking is still not a breeze given RBI’s concerns The …

Central bank digital currency simplest fix for banking
2 years ago

Central bank digital currency simplest fix for banking

China Daily  

Last year, the Nobel Prize in Economics went to two economists who study the dynamics of bank runs, as well as to former US Federal Reserve chair Ben Bernanke for his work analyzing how central banks have dealt with some of history's worst banking crises, such as those in the Great Depression of the 1930s. A country's monetary authority could …

India’s digital payments market will grow to USD 10 trillion by 2026
2 years ago

India’s digital payments market will grow to USD 10 trillion by 2026

Op India  

In a country witnessing rapid growth, it comes as no surprise that India also has one of the fastest-growing fintech landscapes in the world, driven primarily by the advancement in digital payments segment. A recent report by PhonePe and Boston Consulting Group concluded that India’s digital payments market will more than triple from USD 3 trillion to USD 10 trillion …

RBI asks banks, NBFCs to promote digital payments
2 years ago

RBI asks banks, NBFCs to promote digital payments

The Hindu  

The Reserve Bank of India has unveiled “Har Payment Digital” as part of Digital Payments Awareness Week 2023 to make every person in India a user of digital payments. Stating that payment systems in India have witnessed over 1000 crore transactions every month since December 2022, he said “This speaks volumes of the robustness of our payments ecosystem and acceptance …

Budget 2023: An Effort To Enable Environment for Inclusive Growth of Fintech, Payments Sector
2 years, 1 month ago

Budget 2023: An Effort To Enable Environment for Inclusive Growth of Fintech, Payments Sector

News 18  

Union Finance Minister Nirmala Sitharaman on February 1 presented the first Budget of ‘Amrit Kaal’, which envisions a prosperous and inclusive India, as we move towards 100 years of independence. Increase in outlay is also important to incentivise and compensate financial institutions and payment service providers as they absorb losses to create and maintain large infrastructure for the payment rails …

Digital transactions to soon exceed cash in India: PM Modi
2 years, 1 month ago

Digital transactions to soon exceed cash in India: PM Modi

Deccan Chronicle  

New Delhi: As people take to India’s real-time payment mechanism, the Unified Payments Interface, Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash payments in the country. Besides, the linkage will also help migrant workers, professionals, students and their families as well," Mr Modi said, while launching the service at a virtual event through …

E-Rupee to be piloted by 5 more banks in 9 more cities soon
2 years, 1 month ago

E-Rupee to be piloted by 5 more banks in 9 more cities soon

The Hindu  

Five more banks will join the pilot on the central bank digital currency or e-rupee for retail customers and the project will be extended to nine additional cities, the Reserve Bank said on Wednesday. The Reserve Bank, which began piloting the central bank digital currency or e-rupee for retail customers in early December with eight banks in five cities, stressed …

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records
2 years, 1 month ago

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records

News 18  

The number of digital transactions in India in this financial year is at a historic high, zooming past the last fiscal’s figure with still three months to go. The latest government data reveals that 9,192 crore digital transactions have been done in the country in this financial year till December 31, 2022. The total value of digital transactions in India …

Reliance Retail partners Innoviti to enable digital rupee payment in stores
2 years, 1 month ago

Reliance Retail partners Innoviti to enable digital rupee payment in stores

Live Mint  

New Delhi: Innoviti Technologies, a payments-focused financial-tech firm, in collaboration with Reliance Retail, ICICI Bank and Kotak Mahindra Bank, on Thursday announced the introduction of in-store payments via Digital Rupee-Retail. “After being the first to introduce dynamic QR based in-store UPI payments, Reliance Retail, in continuance of its endeavour to create convenient and seamless payment experience for customers, becomes the …

Union budget 2023: FM Sitharaman lauds strides made in digital payments
2 years, 1 month ago

Union budget 2023: FM Sitharaman lauds strides made in digital payments

Hindustan Times  

The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments, Union finance minister Nirmala Sitharaman on Wednesday said during her budgetary speech in the Parliament. She commended the enhancement in brought in digital payments over the years and noted that around 7,400 crore digital payments worth ₹126 lakh crore were made through UPI in …

Budget 2023-24 Expectation: Boost liquidity flow to fintech and smaller NBFCs
2 years, 1 month ago

Budget 2023-24 Expectation: Boost liquidity flow to fintech and smaller NBFCs

Firstpost  

The new-age technology has fuelled the fintech industry’s rapid growth and expansion in recent years. Using the current user base to distribute new financial products and broadening the addressable market from digital to ‘phygital’ is likely to bring about the necessary business model modifications for a relatively mature and durable fintech industry. Flexible corporate laws needed The industry anticipates the …

Budget 2023: FM Sitharaman's past key budget announcements on banking
2 years, 1 month ago

Budget 2023: FM Sitharaman's past key budget announcements on banking

Hindustan Times  

Finance Minister Nirmala Sitharaman on February 1 will present the Union Budget for the fiscal year 2023-24. Budget 2019-20 In her first Union Budget as Finance minister, Nirmala Sitharaman announced to re-capitalise Public Sector Banks of ₹70,000 crore to boost credit which was part of previously announced ₹3 lakh crore capital infusion. Budget 2021-22 The budget of 2021-22 proposed setting …

Watch: Anand Mahindra buys fruits using e-rupee
2 years, 2 months ago

Watch: Anand Mahindra buys fruits using e-rupee

Live Mint  

India’s central bank – the Reserve Bank of India introduced e-rupee digital currency pilot on December 1, 2022. Mahindra & Mahindra chairperson Anand Mahindra has recently shared a video on microblogging site Twitter where the billionaire can be seen putting the digital currency to use. “At the Reserve Bank’s board meeting today I learned about the @RBI digital currency-the e-rupee. …

Digital currency to further bolster digital economy, make payment system more efficient: RBI
2 years, 2 months ago

Digital currency to further bolster digital economy, make payment system more efficient: RBI

India TV News  

RBI Executive Director Ajay Kumar Choudhary on Wednesday the digital currency will further bolster the digital economy, make the payment system more efficient and reduce the cost involved in physical cash management. Central Bank Digital Currency The RBI has already launched pilots of CBDC in wholesale and retail segments last year. He said the key motivation for exploring the issuance …

India records more digital payments than US, UK, Germany & France: Vaishnaw
2 years, 2 months ago

India records more digital payments than US, UK, Germany & France: Vaishnaw

Hindustan Times  

Union minister Ashwini Vaishnaw on Friday said India's digital payments transactions last year exceeded those of the combined digital payments of United States, United Kingdom, Germany and France, ANI reported. "In December 2022, the digital payments transactions amounted to $1.5 trillion annualised basis. If you compare total digital transactions in US, UK, Germany and France and combine them, India's figures …

Digital Rupee: Understanding the risks of using digital currency
2 years, 2 months ago

Digital Rupee: Understanding the risks of using digital currency

Live Mint  

Digital currency is essentially a replacement of conventional paper currency by currency in the form of digital data on a technology-based platform on a mobile device or otherwise. According to Stas Protassov, Co-founder and executive board member, Acronis, one of the risks which exist for most if not all digital currencies is double-spending scams exploiting protocol issues or application software …

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments
2 years, 2 months ago

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments

The Hindu  

The Union Cabinet approved an outlay of ₹2,600 crore to promote payments using RuPay cards and the Unified Payments Interface, Union Minister Bhupendra Yadav announced on Wednesday. Banks will be provided this incentive money to promote such digital payments, the Cabinet said in a press release. “The scheme will also promote UPI Lite and UPI 123PAY as economical and user-friendly …

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