Digital rupee may bring in a lot of savings for central bank RBI | 15 to 17 rupees are spent on a note of 100 rupees, RBI will have huge savings due to digital rupee
The digital currency issued by the Reserve Bank will have unique numbers like Indian currency. It will not be different from fiat currency. This will be its digital form.
With the introduction of digital currency, RBI can save huge.
government own Digital Currency May launch in early 2023. Digital currency can lead to huge savings in the operational cost of currency notes to the central bank. Reserve Bank of India (RBI) Crores of rupees have to be spent on printing, distribution and storage of currency notes. Digital Rupee This will help RBI to save a lot in operational cost. There is a possibility of replacing a portion of the cash with an online lead tender. Finance Minister Nirmala Sitharaman announced the financial year 2022-23 last week. Budget 2022 While presenting it was said that RBI will introduce ‘Digital Rupee’.
The digital currency issued by the Reserve Bank will have unique numbers like Indian currency. It will not be different from fiat currency. This will be its digital form. In a way, it can be said that this will be a government-guaranteed digital wallet. The units issued in the form of digital currency will be included in the currency in circulation.
15 to 17 rupees spent on each 100 rupee note
According to an estimate of the market, each Rs 100 note costs Rs 15 to 17 during the life cycle of four years. economics times According to the report, this cycle includes printing of new notes, return of old notes to RBI through commercial banks.
The government is reducing the circulation of high value notes and more and more small notes are being printed. Therefore, the introduction of digital currency can result in huge savings for RBI.
Government will guarantee on digital rupee
The Digital Rupee Blockchain developed by the Reserve Bank will be able to trace all types of transactions. Digital Rupee will be ready by the end of next financial year. In case of Digital Rupee, people will have digital currency in their phone and it will be with the central bank. It will be transferred from the central bank to any shopkeeper etc. There will be full government guarantee on this.
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