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ARTICLE · 17 FEBRUARY 2023

Policy Highlights Union Budget 2022-23

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With the introduction of India's only digital currency, Central Bank Digital Currency (CBDC), India joins the elite club of a handful of countries with a digital currency.

IndiaTechnology
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POLICY HIGHLIGHTS

Digitized India

Central Bank Digital Currency (CBDC)

With the introduction of India's only digital currency, Central Bank Digital Currency (CBDC), India joins the elite club of a handful of countries with a digital currency. CBDC is expected to give impetus to India's digital economy leading to a more efficient and cheaper currency management system.

The Reserve Bank of India (RBI), the RBI is set to introduce the Digital Rupee beginning financial year 2022-23. RBI Act will be amended to include the definition of "bank notes" which will comprise physical as well as digital form of currency.

Digital Banking Units (DBUs) and digital payments

75 DBUs are proposed to be set-up by Scheduled Commercial Banks. The financial support for digital payment ecosystem will continue in 2022-23 and there will also be a focus to promote use of payment platforms that are economical and user friendly.

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