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Finance Minister Nirmala Sitharaman today announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23. Digital Currency will be based on blockchain and other emerging technologies.
Presenting the Union Budget 2022-23 in the Parliament here today, the Finance Minister said that 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, the Minister stated.
75 Digital Banking Units
While presenting the Union Budget on Tuesday, Nirmala Sitharaman appreciated the rapid growth of digital banking, digital payments, and fintech innovations in the country.
She said that the government is continuously encouraging these sectors to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner.
Taking forward this agenda, and to mark 75 years of our independence, the 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.
Anytime-Anywhere Post Office Savings
In another important announcement, the Finance Minister said that in 2022, 100 percent of 1.5 lakh post offices will come on the core banking system.
This will enable 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.
This will be helpful, especially for farmers and senior citizens in rural areas, enabling interoperability and financial inclusion.
Boost to Digital Payment
The Finance Minister assured that the financial support for the digital payment ecosystem announced in the previous Budget will continue in 2022-23. This will encourage further adoption of digital payments.
There will also be a focus to promote the use of payment platforms that are economical and user-friendly, she said.