There is increasing interest from other countries in India’s RuPay payment system. Finance Minister Nirmala Sitharaman has told that Singapore and UAE are considering accepting it. He said that the central government is in talks to make RuPay acceptable in various countries.
Sitharaman at an event Told”We are in talks with various countries. Singapore and UAE want to make RuPay acceptable in their countries. Along with this, Unified Payments System (UPI), BHIM app and National Payments Corporation of India (NPCI) are working on such a method. So that it can be linked with systems in other countries. On the ongoing crisis in Ukraine, he said that developed countries should take responsibility for the worldwide impact of policy decisions taken by them. He condemned the imposition of sanctions on such countries by the developed countries which are fulfilling their moral and democratic obligations towards their people.
Preparations are also being made to launch a Central Bank Digital Currency (CBDC) in the country. The Reserve Bank of India (RBI) will soon start the trial of e-rupee. This is likely to strengthen the digital economy of the country. E-Rupee will make payment systems more efficient and control money laundering.
RBI has CBDC But it has been told in a concept note that its goal is not to replace the existing payment systems, but to increase the payment options. It will be supported by the country’s state-of-the-art payment systems. These systems are affordable, efficient and secure. Digital rupee system will boost the digital economy of the country. It will also contribute to financial inclusion. CBDC is issued by the central bank of the country and is a digital model of currency. Central banks in many countries are exploring the possibility of issuing CBDCs. The government in this year’s budget had announced the launch of a CBDC from the financial year 2022-23. RBI said, “The trial of e-rupee for specific use cases will be started soon. As the scope of this trial increases, information about the special features and benefits of e-rupee will be given.”