“Will try to fully launch CBDCs in the near future,” says Reserve Bank of India governor Shaktikanta Das.
Reserve Bank of India (RBI) Governor Shaktikanta Das said that there is going to be a major change in the way Central Bank Digital Currency (CBDC) is traded – the way transactions are done and highlighted that RBI is very One of the few central banks. The world that has taken this initiative.
FIBAC is an annual banking conference, organized by Federation of Indian Chambers of Commerce and Industry [FICCI] and Indian Banks Association [IBA],
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Addressing the FIBAC on November 2, Governor Shaktikanta Das said, “Yesterday, we started testing our digital currency, central bank digital currency [CBDC] Project, This was indeed a landmark moment in the history of currency in our country. This will be a historic moment going forward. As far as the functioning of the entire economy is concerned, it will be a historic achievement.”
“Will try to fully launch CBDC in the near future,” he said. CBDC is a digital form of currency notes issued by a central bank. Mr. Das announced that the retail portion of the CBDC trial will be launched later this month and added, “We will announce the date separately, but I do not want to give a target date until the CBDC will be launched in our . Absolutely, because this is something where we have to proceed very carefully. This is the first time the world is doing this. We don’t want to be in too much of a hurry, we want to learn from experience.”
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Shri Das also announced that complete digitization of Kisan Credit Card (KCC) loans will be launched on a nationwide basis during the calendar year 2023. Digitization of KCC loans, it will be our endeavor to launch it on a full scale if all goes well, not only for farmers loans, but also for SME loans. We expect to launch it on a nationwide basis during the calendar year 2023,” he said.
RBI has taken up the pilot project of end-to-end digitization of Kisan Credit Card (KCC) loans in September 2022 in selected districts of Madhya Pradesh and Tamil Nadu with Union Bank of India and Federal Bank respectively, as partner banks and active cooperation. started with. of the respective State Governments.
“This pilot project on digitization of KCC loans is expected to play a vital role in facilitating credit flow to the underserved and underprivileged rural population by making the loan process faster and more efficient. When fully implemented, it has the potential to transform the country’s rural credit delivery system,” the governor said.