UPI: The Reserve Bank of India (RBI) has launched digital currency. This has given the rupee an electronic form. However, former RBI deputy governor SS Mundra doubts the success of the digital rupee. He believes that the UPI system is growing rapidly in the country. People have accepted it openly. In such a situation, no special purpose seems to be fulfilled by the digital rupee.
UPI transactions are crossing the figure of Rs 20 lakh crore
UPI figures in the country are getting stronger every day. In July, UPI transactions have crossed the figure of 20.64 lakh crores. There has been a jump of 35 percent on an annual basis. For the third consecutive month, UPI transactions have been more than Rs 20 lakh crore. SS Mundra said in a program of Bandhan Bank that Central Bank Digital Currency (CBDC) or electronic rupee is not becoming popular despite all efforts. UPI has been successful. In such a situation, people are not understanding any special benefit of electronic rupee."text-align: justify;">We need CBDC, efforts are on to make it successful
However, he admitted that we should have a CBDC. At present, RBI is trying to make the electronic rupee a success. To make it popular in the retail segment, efforts are also being made by non-bank payment system operators to launch CBDC wallets. He said that the right time has not come yet to make the rupee an international currency. We will have to wait for this. He said that the central bank is in favour of continuously strengthening the rupee. We want to make it changeable so that the situation can be handled if global investment goes out of the Indian market at any time. SS Mundra said that now the right time has come for banks to think again about their future strategy. The market is full of technology-equipped fintech companies. These are hurting the business model of banks. In such a situation, the situation can change a lot if banks and fintech companies join hands. Read this also Banks should do business by joining hands with fintech companies
