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Budget 2022: Reserve Bank of India to Issue Digital Rupee Based on Blockchain Technology

Budget 2022: Digital currency will result in a more efficient and cost-effective currency management system. As a result, it is suggested that the Reserve Bank of India produce digital rupees utilizing blockchain and other technology beginning in 2022 and 2023.

M Kanika
Reserve Bank of India (RBI)
Reserve Bank of India (RBI)

Budget 2022: Nirmala Sitharaman, the Minister of Finance and Corporate Affairs today said that the Reserve Bank of India will begin issuing Digital Rupees in 2022-23. The finance minister said that the Central Bank Digital Currency (CBDC) will offer a major boost to the digital economy as presented in the Union Budget 2022-23 in Parliament today.  

According to Nirmala Sitharaman, the digital currency will lead to a more efficient and cost-effective currency management system. Blockchain and other technologies will be used in Digital Currency.

Digital Banking is growing rapidly

Nirmala Sitharaman stated that digital banking, digital payments, and fintech technologies have risen rapidly in the country in recent years. The government continues to support these industries in order to ensure that the benefits of digital banking reach every corner of the country in a consumer-friendly manner.

To forward this objective and commemorate the country's 75th years of independence, the finance minister announced that Scheduled Commercial Banks will establish 75 Digital Banking Units (DBUs) in 75 districts across the country. 

Anytime- Anywhere Post Office Savings: 

In another significant announcement, the finance minister stated that by 2022, all 1.5 lakh post offices will be connected to the core banking system, allowing for financial inclusion and account access via net banking, mobile banking, and ATMs, as well as online fund transfers between post office and bank accounts. This will benefit farmers and senior residents in rural areas by facilitating interoperability and financial inclusion. 

Digital Payment: 

The finance minister stated that the financial assistance for the digital payment ecosystem that was announced in the previous Budget will be maintained in 2022-23. This will encourage more people to use digital wallets. She also stated that promoting the adoption of cost-effective and user-friendly payment solutions will be a priority.  

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