The Reserve Bank of India (RBI) is pursuing a “phased implementation strategy” of its central bank digital currency (CBDC), revealed its deputy governor T Rabi Sankar in a speech yesterday.
“Every idea has to wait for its time. Perhaps the time for CBDC is nigh,” he said.
Like many developing countries, India is faced with the problem of financial inclusion. It has just 582 million bank accounts compared to 1.21 billion mobile connections, so a digital currency would make cash more accessible and encourage spending.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
