Indian Digital Rupee & Its Future Prospective in India
Author : Dr. Narinder Pal Singh
Abstract :
The introduction of CBDC or e-Rupee is a massive rise in India’s digital transformation mechanism. Digital-Rupee may prove to be an appropriate currency and alternate to the paper currency for financial transactions that the economy wants to usher with more security, trust, resilience, and efficiency in the currency management system. In the present scenario, the UPI (Unified Payment Interface) deserves a great applause with its ease and flexibility that has reduced the cash usage in the financial markets at retail levels also emerged as a game changer in the Indian financial system. Moving further in this way, if the potential challenges related to implementation of digital currency are addressed properly, CBDC could make a great impact on the economy and helps in creating global economy with ease in doing businesses by removing financial hurdles and geographical barriers. In this framework, Digital-Rupee/CBDC ensures financial and environmental stability in the economy and ultimately boosts financial inclusion in the country bringing everyone under formal financial system.
Keywords :
Digital-rupee, financial inclusion, currency, economy, blockchain
