The Reserve Bank of India (RBI) Governor Shaktikanta Das on Sunday said the central bank has been taking progressive steps to improve the availability of digital infrastructure for banking services.
Governor Shaktikanta Das said that the Reserve Bank put out the necessary rules after consulting with the Indian Banks Association and other experts in the field. This comes after the Union Budget 2022-23 said that 75 digital banking units would be set up. He said that it was encouraging to see that both public and private commercial banks were very supportive of this project. He also said that 75 Digital Banking Units (DBUs) had been set up in 75 districts of the country in a record six months to celebrate 75 years of independence.
The Governor said, "Their main goal was to use technology and new ideas to help the banking industry. Setting up Digital Banking system is a step toward improving the country's digital infrastructure. This will be a key part of the digital ecosystem. It will also make the customer experience better by making banking transactions easier."
Shaktikanta Das also said that the DBUs would help us promote financial inclusion by offering banking services in a paperless, efficient, safe, and secure environment. "Some of the financial services that the DBUs will offer are savings, loans, investments, and insurance," he said.
A concept note from the Reserve Bank of India (RBI) says that the proposed Central Bank Digital Currency (CBDC) platform is expected to create huge amounts of data in real time. This data could be used to enforce rules against money laundering. In her budget speech in February, Finance Minister Nirmala Sitharaman said that the RBI would come up with a CBDC during the current fiscal. "Taking into account concerns about anonymity, the right analysis of Big Data from CBDC can help policymakers make decisions based on facts.
It could also become a great source of information for service providers who want to learn more about financial products "what it said. Also, the data would be very helpful for enforcing laws against money laundering.
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