Reserve Bank of India: Preparations are being made to strengthen the world economy on the basis of digital currency. The era of digital currency (E-Rupee) has started in the country. As announced in Budget 2022 (Reserve Bank of India (RBI) conducted a pilot trial of the scheme. Several banks including ICICI Bank and Bank of Baroda participated in the transaction of government securities on Tuesday in the first pilot trial of ‘Digital Rupee’. In.
According to sources, 48 deals worth Rs 275 crore were
GS 2027 is created by ICICI Bank to sell securities to IDFC First Bank using ‘Central Bank Digital Currency (CBDC). He said there were 48 deals worth Rs 275 crore with Digital Rupee. In addition to State Bank of India, Bank of Baroda, and Kotak Mahindra Bank, the first pilot test of the Digital Rupee was conducted (Wholesale segment).
Announced a month ago
RBI announced the start of the first pilot trial of Digital Rupee and said that the first pilot project of Digital Rupee (Retail segment) is planned to be launched within a month. This test will be conducted at select locations among specific user groups, which include customers and businesses.
Settlement cost likely to come down
RBI’s settlement of deals in digital currency is likely to bring down the settlement cost. CBDC is the central bank’s digital version of paper money. Globally, central banks are looking into the possibility of establishing CBDCs. The adoption of a digital rupee has been announced by the government in the budget for the fiscal year 2022–2023.
How will digital currency work?
Actually this question is in the mind of many people. Digital currency is like a voucher, which cannot be transferred. It can be used only for the one for which it is issued. Once the e-rupee voucher is issued, it can be used only once. The e-rupee will be sent to the beneficiary’s mobile. This will be received by the beneficiary in the form of QR code or SMS.
The cost of notes will be less
According to RBI, it costs Rs 15 to print Rs 100 notes. A note lasts for four years. After this RBI has to print another note. Thousands of crores of rupees have to be spent in printing notes again and again. RBI printed 4.19 lakh additional notes in the financial year 2021-22. With the advent of digital currency, the printing of notes will have to be reduced considerably.
Read More: PM Modi introduced 75 new digital banking units, The facility will be accessible in 75 districts around the nation, making it simple to complete banking-related tasks.
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