Govt pulled 25 million people out of poverty, India to be third-largest economy soon: FM
Addressing students at the Delhi School of Economics here, the minister said India stands distinctly on its feet because of its economic strength.
Finance Minister Nirmala Sitharaman today announced the introduction of ”Digital Rupee” to be issued by the Reserve Bank of India starting 2022-23.
Presenting the Union Budget in Parliament, she said 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 stated. Digital Currency will use blockchain and other technologies.
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Sitharaman said that in recent years, digital banking, digital payments, and fintech innovations have grown at a rapid pace in the country.
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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 the country’s independence, she said it is proposed to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks.
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 enabling 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.
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