Union Budget 2022-23: RBI to launch ‘Digital Rupee’ in 2022-23 fiscal
07 Feb 2022
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Presenting Union Budget 2022-23 in Parliament, minister of finance and corporate affairs Nirmala Sitharaman today announced the introduction of `Digital Rupee’ to be issued by the Reserve Bank of India starting 2022-23. The finance minister said the introduction of the Central Bank Digital Currency (CBDC) will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system, the minister stated. The Digital Currency will use block chain and other technologies.
Sitharaman said that in recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country, adding 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 India’s 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 per cent of the 1.5 lakh post offices will come on the core banking network, enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also provide 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.
Digital Payment: The finance minister assured that the financial support for 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 use of payment platforms that are economical and user friendly, she said.
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