A Secondary study of RBI Digital Currency – CBDC

Abstract

The world has moved on to a digital platform for its daily needs and uses. We in India also took this step toward digitalization in a stronger and forceful way from 2014 onwards, through setting up of digital infrastructure. Various start-ups took the initiative to make India a digital player. Digital payment is one such initiative taken by India even though we had digital payment systems in place before 2014 (we already had apps like paytm and NPCI since 2008) but the development through focused approach started post 2014.

Digital payment means the transaction of money through electronic form from one account to another account through electronic mechanism. There is no requirement for physical cash or credit card or debit card or any cheque instruments or financial instruments.