The Reserve Bank of India (RBI) in its ‘Payment and Settlement System in India’ report has talked about the possibility of introducing a ‘digital version’ of the Indian currency. Know what is the reason
The Reserve Bank of India (RBI) in its ‘Payment and Settlement System in India’ report has talked about the possibility of introducing a ‘digital version’ of the Indian currency. Know what is the reason
The cryptocurrency
RBI has become popular in its Payment and Settlement System in India report, saying that ‘private digit currency (PDC), virtual currency or cryptocurrency have become quite popular in recent years. In such a situation, RBI is exploring the possibility of launching a digital version of the rupee. In this report, the steps taken to promote digital payments in the country are also discussed.
Risk is associated with digital currency
RBI said that the government and regulator are concerned about digital currency in the country. The main reason for this is the risk associated with them. The Reserve Bank has made several efforts to secure digital transactions in the country. It is important to trace the location of the place during the transactions with one of the bank branches, ATMs, POS and Bank Mitra. The central bank’s goal is to extend similar security arrangements to other payment channels.
Also Read: Please note! These big announcements can be related to rail in the budget!
The challenge of creating a cashless economy The
central bank said that the number of digital payments in the country has increased in the last decade. Several payment options have emerged. The challenge now is to maintain this growth in digital payments and the behavior of customers doing cashless transactions.
The report said that the central bank has developed a system like NEFT to promote retail digital payments. At the same time, an institution like NPCI has been developed to provide many other options like UPI, IMPS, BBPS, Bharat QR.
