UoH Professor Highlights Advantages of Digital Payments
1 month, 1 week 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, focusing on features like 24/7 automatic sweep-in and sweep-out systems. He suggested that central bank digital currency could make payments more efficient, accessible, and reliable. The seminar also featured Prof. S.A. Kori, vice chancellor of the Central University of Andhra Pradesh, who commended the university’s academic progress.

Digital Prof  transformation  central  seminar  reddy  highlights  university  currency  advantages  hyderabad  prof  digital  professor  payments  uoh

History of this topic

India at the Forefront of Digital Revolution: RBI’s Patra
1 month, 3 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
5 months 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
6 months, 3 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
8 months 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 …

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

Central Bank Digital Currencies Are Redefining Digital Money
10 months, 3 weeks 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, …

Pandemic to Prosperity: Finance Ministry's Report Says India's Digital Infra Empowers Citizens, Fuels Growth
11 months, 1 week ago

Pandemic to Prosperity: Finance Ministry's Report Says India's Digital Infra Empowers Citizens, Fuels Growth

News 18  

The Ministry of Finance’s recently released report, ‘The Indian Economy – A Review’, has lauded India’s digital transformation, highlighting the success of the Digital Public Infrastructure and its significant role in delivering services with a citizen-centric focus. The report noted that as the pandemic disrupted economic activities, the government responded swiftly, leveraging the strength of digital public infrastructure, commonly known …

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:
1 year, 4 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 …

India ranks first in digital payments made globally: Report
1 year, 4 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 …

Paytm unveils fully indigenous technology-powered upgraded payments platform
1 year, 9 months ago

Paytm unveils fully indigenous technology-powered upgraded payments platform

Live Mint  

Paytm, the payments and financial services platform owned by One97 Communications, has announced the release of its new technology platform developed entirely in-house. The company claims that Paytm has been a game-changer in the mobile, QR, and soundbox payments space, and its new platform is set to revolutionize digital transactions, making financial services more accessible and affordable. Paytm, which has …

RBI asks banks, NBFCs to promote digital payments
1 year, 10 months 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 …

Har Payment Digital: RBI launches mission to make every citizen a user of digital payment
1 year, 10 months ago

Har Payment Digital: RBI launches mission to make every citizen a user of digital payment

India TV News  

Reserve Bank of India governor Shaktikanta Das launched the "Har Payment Digital" mission on Monday, as part of the Digital Payments Awareness Week 2023. Image Source : PIB TWITTERHar Payment Digital: RBI launches mission to make every citizen a user of digital payment The HPD mission will run until the period of Vision 2025, to convert non-users into users of …

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records
1 year, 11 months 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 …

Centre made cash transfer of ₹2.2 lakh crore under PM-KISAN scheme: FM Nirmala Sitharaman - The Hindu
1 year, 11 months ago

Centre made cash transfer of ₹2.2 lakh crore under PM-KISAN scheme: FM Nirmala Sitharaman - The Hindu

The Hindu  

The government made cash transfer of ₹2.2 lakh crore under the PM-KISAN scheme, Finance Minister Nirmala Sitharaman said on February 1. Presenting the last full Union Budget 2023 of the second term of the BJP-led NDA government ahead of the general elections in 2024, she said the mission of the government is to achieve knowledge-driven economy. Institutional credit in agriculture …

Digital currency to further bolster digital economy, make payment system more efficient: RBI
1 year, 11 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 …

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments
1 year, 11 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 …

Digital rupee not the magic bullet Central government is hoping for
2 years ago

Digital rupee not the magic bullet Central government is hoping for

The Hindu  

Published : Dec 29, 2022 10:30 IST In recent times, the financial world has been in a state of excitement after the Reserve Bank of India announced the launch of the pilot for a retail digital rupee on December 1. Crypto gamble It is to be noted that with the threat of cryptocurrency, which began with Bitcoin in 2009, now …

PayU Lays Off Nearly 150 Employees As Digital Payments Firm Focuses On India Ecosystem
2 years ago

PayU Lays Off Nearly 150 Employees As Digital Payments Firm Focuses On India Ecosystem

ABP News  

Online payments solutions provider PayU has laid off close to 150 employees, less than 6 per cent of its total workforce, as part of an "organisational realignment". "As we stay focused on our vision of creating a full-stack digital financial services ecosystem in India, it's important to ensure PayU has the right structure and resources in place and is nimble …

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das
2 years ago

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das

News 18  

RBI Governor Shaktikanta Das on Wednesday said the biggest concern with the private cryptocurrencies like Bitcoin and Ethereum is that they do not have any underlying value, and if they are allowed to grow, the next financial crisis will come from them. If you allow it to grow, the next financial crisis will come from private cryptocurrencies.” Das has in …

Experts Explain Benefits And Technological Challenges Of Digital Rupee
2 years, 1 month ago

Experts Explain Benefits And Technological Challenges Of Digital Rupee

ABP News  

India’s first pilot project on retail digital rupee was rolled out by the Reserve Bank of India on Thursday in Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The retail digital rupee project has started in a closed user group with the participation of four lenders – State Bank of India, ICICI Bank, YES Bank, and IDFC First Bank – as well …

How the RBI's digital currency can help economy
2 years, 1 month ago

How the RBI's digital currency can help economy

Live Mint  

Readers of a certain age group might remember Ramon Bonus Stamps. What's driving FIIs’ bullish bets on Nifty IIT-K student hits record ₹4 cr placement jackpot Story takes a turn for PVR, Inox Leisure after a flop Q2 How young Indian couples budget for their weddings Imagine different currencies competing for dominance in usage without any sovereign backing. That is …

India's digital rupee fails to excite interest, bankers say
2 years, 1 month ago

India's digital rupee fails to excite interest, bankers say

The Hindu  

A month into India's pilot project for using an official digital rupee for inter-bank and institutional transactions, stakeholders are seeing no benefits, several bankers said. Indeed, the e-rupee, one of several central bank digital currencies being tried around the world, had a drawback, they said: each trade using it had to be settled individually, whereas trades in the established interbank …

Time is right for a digital rupee
2 years, 1 month ago

Time is right for a digital rupee

Hindustan Times  

Starting this month, the Reserve Bank of India will begin a pilot project that will put a digital rupee, or e ₹, in the hands of individuals. In simple terms, a CBDC is the closest virtual equivalent of cash with the liability for its value resting directly with the central bank, instead of — as is the case at present …

Digital Rupee coming on Dec 1, here is everything to know about it
2 years, 1 month ago

Digital Rupee coming on Dec 1, here is everything to know about it

Live Mint  

The Reserve Bank of India on Tuesday announced a pilot for retail central bank digital currency on 1 December. A Central Bank Digital Currency or Digital Rupee is a digital form of currency notes issued by a central bank. The central bank also said that users will be able to transact with digital rupee through a digital wallet offered by …

Digital Rupee: How Retail Customers Can Benefit From CBDC
2 years, 1 month ago

Digital Rupee: How Retail Customers Can Benefit From CBDC

ABP News  

The Reserve Bank of India in November announced its first pilot project of Digital Rupee for the retail segment. Even though the digital rupee would be virtual, just like cryptocurrencies, they are pretty different from each other and serve various purposes. As mentioned, the Digital Rupee is a pilot project in which nine central banks would be participating. After the …

Money transfer democratised, digital commerce will grow 10-fold: Experts on India's e-commerce revolution
2 years, 2 months ago

Money transfer democratised, digital commerce will grow 10-fold: Experts on India's e-commerce revolution

India Today  

The digital commerce revolution in India is set to grow ten-fold and money transfer in the country has been democratised with the UPI system, experts opined on Saturday at the India Today Conclave. Deepak Bagla, Managing Director & CEO, Invest India, T. Koshy, CEO, Open Network for Digital Commerce, and Dilip Asbe, Managing Director & CEO of National Payments Corporation …

How will digital rupee rollout impact physical currency?
2 years, 2 months ago

How will digital rupee rollout impact physical currency?

Firstpost  

The Reserve Bank of India has launched its pilot project on the Central Bank Digital Rupee starting, 1 November. Here’s what the experts told CNBC TV18 The Reserve Bank of India has launched its pilot project on the Central Bank Digital Rupee starting November 1. It is widely anticipated that the digital rupee ideated by RBI will be generated through …

Central Bank Digital Currency is going to be a major transformation in the way business is done: RBI Governor Shaktikanta Das
2 years, 2 months ago

Central Bank Digital Currency is going to be a major transformation in the way business is done: RBI Governor Shaktikanta Das

The Hindu  

Reserve Bank of India Governor Shaktikanta Das said Central Bank Digital Currency is going to be a major transformation in the way business is done — the way transactions are conducted and highlighted that RBI is among the very few central banks in the world which have taken this initiative. While addressing FIBAC on November 2, Governor Shaktikanta Das said, …

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?
2 years, 2 months ago

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?

Firstpost  

The Reserve Bank of India will roll out the digital rupee for the wholesale segment today as part of its pilot project. The digital rupee will give a big boost to the economy and positively change the banking scenario of the country After months of talks and rumours swirling, the Reserve Bank of India will roll out the digital rupee …

RBI Digital Rupee pilot for wholesale segment from November 1
2 years, 2 months ago

RBI Digital Rupee pilot for wholesale segment from November 1

The Hindu  

The first pilot in the Digital Rupee, Wholesale segment will commence on November 1, 2022, the Reserve Bank of India said in a circular. Settlement in central bank money would reduce transaction costs by pre- empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” the circular said. The first pilot in Digital Rupee — Retail …

IMF hails India’s digital cash transfer scheme as a ‘logistical marvel’
2 years, 2 months ago

IMF hails India’s digital cash transfer scheme as a ‘logistical marvel’

Op India  

On Wednesday, the International Monetary Fund said that India’s digital cash transfer scheme and several other social welfare programs are a ‘logistical marvel’. #WATCH | Paolo Mauro, Deputy Director of International Monetary Fund speaks on India’s digital cash transfer scheme, terms it to be a “logistical marvel, seeking to help people at low‑income levels, reaching hundreds of millions of people.” …

Explained: How RBI is using technology to operationalise e-rupee? 10 points
2 years, 3 months ago

Explained: How RBI is using technology to operationalise e-rupee? 10 points

Hindustan Times  

The Reserve bank of India on Friday came up with a concept note detailing plan of introducing its own digital currency - the Central Bank Digital Currency. RBI is planning to start the e-rupee project on a pilot basis The RBI in its 51-page concept note detailed various aspects including the technological measures to operationalise its electronic currency, its underlying …

RBI to soon launch e-rupee on pilot basis for limited use
2 years, 3 months ago

RBI to soon launch e-rupee on pilot basis for limited use

India TV News  

Digital money : The Reserve Bank on Friday said it will soon commence the pilot launch of the e-rupee for specific use cases as it tests digital currency in India. "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank …

The promise of ONDC and the challenges it will face
2 years, 3 months ago

The promise of ONDC and the challenges it will face

Live Mint  

In the first half of 2016, when the Unified Payments Interface which enables real-time payment or transfer of funds between banks was launched, a black swan event in the form of demonetisation in November that year provided the major ballast that was required for digital payments to take off in India. What was touted as the WhatsApp moment for India …

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das
2 years, 3 months ago

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das

ABP News  

The Reserve Bank of India Governor Shaktikanta Das on Tuesday said that the central bank is committed to supporting innovation for fintech companies while keeping in mind consumer protection. Further, the RBI is now actively working towards a phased implementation of Central Bank Digital Currency in both wholesale and retail segments. The number of UPI QR code enabled payment acceptance …

Emergence Of Digital Assets In Wealth-Tech Space And Why This Is The Future Of Investment
2 years, 3 months ago

Emergence Of Digital Assets In Wealth-Tech Space And Why This Is The Future Of Investment

ABP News  

The past few years have seen the emergence of digital assets within the global financial markets. Furthermore, to gain more value on their investments, investors and traders are gradually moving from traditional markets to multi-use digital assets. As a result, they must take consistent steps to enter these markets sooner and prioritise digital assets as they would any other wealth-generating …

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar
2 years, 4 months ago

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar

The Hindu  

Central bank digital currency, to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T. Rabi Sankar said on Wednesday. Explained | RBI’s digital currency plans Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. …

Digital Rupee: Why India Is Keen On Introducing A CBDC
2 years, 5 months ago

Digital Rupee: Why India Is Keen On Introducing A CBDC

ABP News  

Earlier this year, India announced plans to have its own central bank digital currency. The RBI has defined CBDC as a “legal tender issued by a central bank in a digital form. It will seem like any other digital payment service to users but since the CBDC will be a direct liability of the central bank, it would be more …

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official
2 years, 5 months ago

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

The Hindu  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for 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 have been …

Phased implementation of digital currency for wholesale, retail segments at works: RBI official
2 years, 5 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 …

RBI to adopt graded approach to introduce digital currency
2 years, 7 months ago

RBI to adopt graded approach to introduce digital currency

Firstpost  

The RBI said that it has been exploring the pros and cons of the introduction of Central Bank Digital Currency in India and the appropriate design elements of CBDCs that could be implemented with little, or no disruption are under examination New Delhi: The Reserve Bank of India on Friday said that it is proposing to adopt a graded approach …

How Digital Banking Units will boost India’s digital economy. Experts weigh in
2 years, 8 months ago

How Digital Banking Units will boost India’s digital economy. Experts weigh in

Live Mint  

The Reserve Bank of India has issued guidelines for the establishment of Digital Banking Units. Hence banks need to be compliant and create a separate reporting to meet the RBI targets so that Digital Businesses cross the bar of, say, “50%”, said Nitin Misra, Co-founder, indiagold He added that this will also prompt the launch of new products or services …

Nuanced, calibrated approach essential for introduction of CBDC, says RBI’s Sankar
2 years, 9 months ago

Nuanced, calibrated approach essential for introduction of CBDC, says RBI’s Sankar

The Hindu  

Reserve Bank of India Deputy Governor T. Rabi Sankar on Thursday said a nuanced and calibrated approach is essential for the introduction of India's maiden digital currency as it would have various implications for the economy and monetary policy. "Given the large number of uncertainties in terms of which model works, which design works well in terms of its impact …

India’s digital economy to see exponential growth to $800 bn by 2030: FM
2 years, 9 months ago

India’s digital economy to see exponential growth to $800 bn by 2030: FM

Live Mint  

India's digital economy is expected to witness exponential growth to $800 billion by 2030 on the back of rising internet penetration and increasing income, Finance Minister Nirmala Sitharaman said on Friday. "They may function from one place but they may serve any number of districts but we are also targeting 75 districts to be covered and I guess the DPU …

'We See Clear Advantages in a Central Bank Driven Digital Currency': Nirmala Sitharaman
2 years, 10 months ago

'We See Clear Advantages in a Central Bank Driven Digital Currency': Nirmala Sitharaman

News 18  

Union Finance Minister Nirmala Sitharaman on Tuesday said the 'Digital Rupee' is a conscious call taken in consultation with the Reserve Bank of India and the government sees clear advantages in a central bank driven digital currency. "It was a conscious call taken in consultation with the central bank- the Reserve Bank of India….we would like them to design it …

Sanjeev Ahluwalia | Will digital rupee take India higher, faster?
2 years, 10 months ago

Sanjeev Ahluwalia | Will digital rupee take India higher, faster?

Deccan Chronicle  

Expectations are sky-high that the “digital rupee” — a central bank digital currency announced by finance minister Nirmala Sitharaman in her Budget speech this year — will ensure a quantum jump to the digital economy, enhance GDP growth and boost financial inclusion. Transactions, within and between blocks, take place across multiple “nodes” — functionally akin to transaction termination points. A …

Explained: RBI’s digital currency plans
2 years, 11 months ago

Explained: RBI’s digital currency plans

The Hindu  

The story so far: In the Budget presented for 2022-23, Finance Minister Nirmala Sitharaman had announced the introduction of India’s Central Bank Digital Currency and that the digital rupee would give a ‘big boost’ to digital economy. Central banks also believe that the cost of issuing digital currencies is far lower than the cost of printing and distributing physical cash. …

India's official digital currency likely to debut by early 2023, says top government source
2 years, 11 months ago

India's official digital currency likely to debut by early 2023, says top government source

Firstpost  

He said the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number New Delhi: India’s very own official digital currency is likely to debut by early 2023, which will mirror any of the currently available private company-operated electronic wallets, but with a change that it will be a sovereign-backed …

India budget 2022: India announces 30% tax on all cryptocurrencies and NFTs
2 years, 11 months ago

India budget 2022: India announces 30% tax on all cryptocurrencies and NFTs

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India has imposed a 30 per cent tax on any income from the …

Discover Related