rbi cbdc

What is RBI CBDC?
The Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) is a digital version of the Indian Rupee, the currency of India. It was proposed by the RBI in April 2021 and will be launched in early 2022, making it one of the first CBDCs to launch in Asia. The aim is to reduce the use of physical cash and increase financial inclusion by providing access to cost-effective digital payments. The system would also provide an alternative payment option for those who do not have access to traditional banking services or lack trust in private digital payments networks such as Paytm or UPI. This new form of money could potentially revolutionize how people make transactions and manage their finances, allowing them to send funds instantly without having to exchange paper notes or coins.