Digital currency will reduce the cost of RBI’s cash management, it will be easier to promote finance


Photo: FILE digital rupee

Indian Reserve Bank (RBI) has launched a pilot project to launch digital currency in the wholesale segment from November 1 and plans to launch another project in the retail segment within a month. There are many reasons behind the adoption of central bank digital currency (CBDC), such as increasing financial inclusion and increasing cash flow in the economy. Mana jaataa hai ki digital rupees ki oor shanghai ka ek main kanana ke kasana ko kom karna hai ke cost associated with physical cash management se. RBI’s concept note has stated that the cost of cash management in India is important. During the period from April 1, 2021 to March 31, 2022, the total expenditure on security printing was 4,984.80 crore rupees, which is higher than the previous year’s (July 1, 2020 to March 31, 2021) 4,012.10 crore rupees.

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This cost, which includes printing money for environmental, social and governance (ESG) costs, is borne by four stakeholders, the public, businesses, banks and the RBI. The CBDC affects the overall value of the currency issued. It reduces operational costs related to printing, storage, transportation, replacement of bank notes etc. In RBI’s concept note, it is said that, initially, the cost of certain infrastructure is important in the construction of CBDC, but the marginal operating cost will be very low. Compared to physical currency, the cost-effectiveness of cash management using CBDC gives a positive signal, which can also be considered environmentally friendly.

Digitization के उचाय को अगे भधाना

Another important reason behind the introduction of CBDC is to advance the use of digitalization to achieve a cashless economy. CBDC epidemic Kovid-19 jais kisisi bhi sistiti mein eksi sistiti mein kandi ke eks favorite way to keep the money of the central bank instead of cash. This process of digitization in the country will advance further. CBDC can promote innovation in cross-border payments, make transactions instant and help overcome major challenges related to time zone, exchange rate differences as well as legal and regulatory requirements in all jurisdictions. . CBDC interoperability means strengthening the role of central bank money as an anchor for the payment system and reducing cross-border and cross-currency risks. So, the potential use of CBDC in reducing the challenges in cross-border payments is a better technology.

भी मादाद में फिस्यान रेक्षान में भी

Digital currency is also an important tool for promoting financial inclusion. With suitable design options, CBDC can provide digital money to the public to meet various transaction needs. As an option, offline functionality will allow the CBDC to transact without the internet and thus, enable access to areas with poor or no internet connectivity. साथ ही, उन लोगन तक शैच को सारल बासेगी है The RBI note said that CBDC’s universal access features include offline functionality, universal access device provision and compatibility with many devices. This will prove to be a game changer by improving the overall CBDC system for reasons of flexibility, accessibility and financial inclusion.

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