Union Finance Minister Nirmala Sitharaman on Tuesday announced the introduction of the digital rupee to be issued by the Reserve Bank of India from 2022-23 along with the establishment of 75 digital banking units in 75 districts by regular commercial banks.
Sitharaman, according to a statement from the Union Finance Ministry, said that in recent years, digital banking, digital payments and fintech innovations have been developing at a rapid pace in the country, and the government has continuously encouraged them. to ensure that the benefits of digital banking services reach every nook and cranny of the country in a consumer-friendly way.
Moving this agenda forward and to mark 75 years of our independence, the Minister of Finance announced that it is proposed to establish 75 Digital Banking Units (DBUs) in 75 districts of the country by regular commercial banks.
During the presentation of the Union budget 2022-23 in Parliament 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,” she said while adding that digital currency will use blockchain and other technologies.
Further, Sitharaman announced that in 2022, 100% of 1.5 lakh post offices will come to the core banking system enabling financial inclusion and access to accounts through online banking, mobile banking , ATMs, and will also provide online funds transfers between post offices. accounts and bank accounts.
“This will be useful, especially for farmers and older people in rural areas, enabling interoperability and financial inclusion,” she said.
As for digital payments, the Minister of Finance assured that the financial support for its ecosystem announced in the previous budget will continue in 2022-23.
“This will encourage greater adoption of digital payments. There will also be a focus on promoting the use of cost-effective and user-friendly payment platforms,” she said.
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