Digital currency digital rupee union budget 2022-23

Union Budget 2022-23: Finance Minister announced the introduction of Central Bank Digital Currency ‘ Digital Rupee’

3 months ago

Today, on Feb 1 2022, while presenting the Union Budget 2022-23 in the Parliament, the Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23. She further said, “ The Central Bank Digital Currency (CBDC) will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system. Digital Currency will use blockchain and other technologies.

To reach every nook and corner of the country in a consumer-friendly manner, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country. The government is continuously encouraging these sectors to ensure the benefits of digital banking. Further, Finance Minister announced that it is proposed to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks.

In the year 2022, 100 per cent of 1.5 lakh post offices will come on the core banking system enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also providing online transfer of funds between post office accounts and bank accounts. The Finance Minister assured that the financial support for the digital payment ecosystem announced in the previous Budget will continue in 2022-23.

(News excerpts have been taken from https://pib.gov.in/)

Seema Jain

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