The former head of Credit Suisse India and Lehman Brothers India has said that it’s time for a digital Indian rupee, which would aid financial inclusion.
In an article with The Hindu, Ajeya Singh said that since India’s demonetization last November, which saw the Indian government ban two of the country’s biggest banknotes, the Rs 500 and the Rs 1,000, digital transactions have increased. These have been through the use of credit cards, digital wallets, Bharat Interface for Money (BHIM), an app that enables fast, secure and reliable cashless payments through a person’s phone, and Aadhaar pay, a digital payments platform for merchants.
Yet, while cash accounts for more than 95 percent of transactions in India, rural and semi-urban populations don’t have access to this financial inclusion, according to Singh.
It is imperative to introduce digital fiat currency as part of the remonetisation of the economy for monetary sovereignty and policy effectiveness.
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