Time for Indian Digital Rupee, Says Former Head of Lehman Brothers India
The former head of Credit Suisse India and Lehman Brothers India has said that it’s time for a digital Indian rupee, which would aid financial inclusion. In an article with The Hindu, Ajeya Singh said that since India’s demonetization last November, which saw the Indian government ban two of the country’s biggest banknotes, the Rs 500 and the Rs 1,000, digital transactions have increased. These have been through the use of credit cards, digital wallets, Bharat Interface for Money (BHIM), an app that enables fast, secure and reliable cashless payments through a person’s phone, and Aadhaar....
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The Indian government has announced the upcoming launch of the country’s central bank digital currency. The digital rupee will be issued by the Reserve Bank of India (RBI) in the financial year 2022-23, Indian Finance Minister Nirmala Sitharaman said during her budget speech.
RBI’s Digital Currency, the Digital Rupee, Coming Soon
India’s finance minister, Nirmala Sitharaman, announced Tuesday while presenting the federal budget 2022 in Parliament that the Reserve Bank of India (RBI) will issue a central bank digital currency (CBDC) in the new financial....
Indian interest in Bitcoin has skyrocketed following sudden rupee reforms, revealing serious potential to challenge major markets including China. India Bitcoin Searches Spike as Rupee Falls. Bitcoin.com reported Thursday on India’s government withdrawing the country’s two highest-value banknotes, supposedly in a bid to curb corruption. The notes are....
Now debuting a wholesale CBDC, the RBI plans to launch the digital rupee for the retail segment within a month in select locations. The Reserve Bank of India (RBI) is on track to debut a central bank digital currency (CBDC) after announcing its digital rupee project in February.The central bank of India will launch the digital rupee pilot for the wholesale segment on Nov. 1, the RBI announced on Oct. 31.The pilot will involve nine locally operating banks, including the biggest Indian bank, the State Bank of India. According to a report by Reuters, other banks in the pilot will also include....
The second most populated country in the world is stepping up to the plate to consider Bitcoin and provide this digital, decentralized cryptocurrency an opportunity to flourish prior to regulating. With a population of over 1,232,530,000, India is a hotspot of potential for growth of the Bitcoin currency and community. Right on the top of the list of the most tech-oriented nations, India will take a leap forward should the Reserve Bank of India truly take a hands off approach towards the Bitcoin currency. As the Indian Rupee is calling for attention with higher rates of inflation, the....
A shortage of new notes in India following sudden currency reforms means workers’ first payday comes amid a banking meltdown. PAYDAY WOES, RUPEE LOWS. On the evening of November 8, 2016, Indian Prime Minister Narendra Modi made the shock announcement that all 500 and 1000 rupee notes would immediately cease to be legal tender. For the majority of the Indian workforce, today is their first payday since that announcement. With a shortage of the new 2000 rupee notes, banks are facing a new crisis. Back in October, we published a piece on the potential for India to cause strong upward pressure....