75 Digital banking units to be set up in 75 districts by scheduled commercial banks

100% Of 1.5 LAKH Post Offices to be brought on the core banking system in 2022

New Delhi, NFAPost: The Minister for Finance & Corporate Affairs Smt Nirmala Sitharaman announced that the Reserve Bank of India will commence issuing of Digital Rupee starting from 2022-23.

Presenting the Union Budget 2022-23 in the Parliament on Tuesday, the Finance Minister said that the Central Bank Digital Currency (CBDC) will give a big boost to the digital economy.

“Digital currency will also lead to a more efficient and cheaper currency management system. The Digital Currency will use blockchain and other technologies,” said Finance Minister Nirmala Sitharaman while delivering the Budget speech.

Digital Banking:

Nirmala Sitharaman said that in recent years, digital banking, digital payments, and fintech innovations have grown at a rapid pace in the country.

The government is continuously encouraging these sectors to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner.

“Taking forward this agenda, and to mark 75 years of our independence, the Finance Minister announced that it is proposed to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks,” said Finance Minister Nirmala Sitharaman.

Anytime- Anywhere Post Office Savings:

In another important announcement, the Finance Minister said that in 2022, 100% of 1.5 lakh post offices will come on the core banking system enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also provide online transfer of funds between post office accounts and bank accounts.

This will be helpful, especially for farmers and senior citizens in rural areas, enabling interoperability and financial inclusion.

The Finance Minister assured that the financial support for digital payment ecosystem announced in the previous Budget will continue in 2022-23. This will encourage further adoption of digital payments. There will also be a focus to promote use of payment platforms that are economical and user friendly, she said.

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