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Digital currency to be launched as pilot project this year, says RBI Deputy Governor

Digital currency to be launched as pilot project this year, says RBI Deputy Governor

Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar said that the central bank will launch its digital currency as a pilot project this year.

Addressing the India Ideas Summit, he said that Central Bank Digital Currency (CBDC) is the most efficient system for cross-border payments.

Finance Minister Nirmala Sitharaman had announced in the Union Budget that CBDC would be launched in 2022-23.

He, however, reiterated that RBI is not aiming for a cashless society but is keen to give customers viable alternatives.

Sankar further said that the Unified Payments Interface, or UPI, is likely to become more internationalised.

The RBI, he said, is trying to calibrate policy on digital payments as per the feedback being received from stakeholders.

Highlighting the growing significance of the 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 Deputy Governor at the same time informed us that the central bank is trying to safeguard data privacy under the ambit of digital infrastructure.

It is also working on scaling up the technological stability of the digital payments infrastructure, he added.

In this connection, Sankar said that RBI is also focusing on scaling up fraud management.

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