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Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. (Only the headline and picture of this report may have been reworked by the Business Standard staff the rest of the content is auto-generated from a syndicated feed.)īusiness Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. In this connection, Sankar said that RBI is also focussing on scaling up fraud management. It is also working on scaling up technological stability of the digital payments infrastructure, he added. The RBI Deputy Governor at the same time informed that the central bank is trying to safeguard data privacy under the ambit of digital infrastructure. Highlighting the growing significance of digital payments segment in the country, Sankar noted that it was growing at the rate of 40 to 50 per cent per annum. The RBI, he informed, is trying to calibrate policy on digital payments as per the feedback being received from stakeholders. Sankar further said that Unified Payments Interface or UPI is likely to become more internationalised. He, however, reiterated that RBI is not aiming for a cashless society but is keen to give customers viable alternatives. Rabi Sankar on Wednesday said that the central bank will launch its digital currency as a pilot project this year.Īddressing the India Ideas Summit, he said that Central Bank Digital Currency (CBDC) is the most efficient system for cross-border payments.įinance Minister Nirmala Sitharaman had announced in the Union Budget that CBDC would be launched during 2022-23. Reserve Bank of India (RBI) Deputy Governor T.
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