KNB News Desk
Srinagar 01 February (KNB): The Minister for Finance & Corporate Affairs, Nirmala Sitharaman Tuesday announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23.
As per an official communique, while presenting the Union Budget 2022-23 in the Parliament today, the Finance Minister said that 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 and the Digital Currency will use block chain and other technologies,” said Sitharaman as per the communique.
She further said that to mark 75 years of our independence, the Finance Minister announced that 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 provide online transfer of funds between post office accounts and bank accounts,” she said. (KNB)