RBI Governor says, E-rupee will transform the way business is done

RBI Governor Shaktikanta Das has said that the e-rupee launch was a landmark moment in the history of currency in the country as it will transform the way business is done and transactions are conducted. He was addressing FIBAC 2022- organized jointly by the Federation of Indian Industry and Commerce(FICCI) and IBA, banking organizations in Mumbai on  Wednesday. Das said that the RBI wants to solve all aspects of Central Bank Digital Currency (CBDC) before launch. He added that the central bank hopes to launch digitized Kisan Credit Card loans in a full-fledged manner by the calendar year 2023.  The RBI governor informed that last month Pilot project was launched on Kisan Credit Card loans with end-to-end digitization. It is a digitized process for grant of loans and farmers need not go repeatedly to banks for sanction of the loans  

On the inflation front, the RBI chief said the central bank is closely monitoring inflation trends and the effect of previous actions.  He said that the RBI is seeing considerable improvement in sales of goods in the festive season. He said that Indian rupee has actually appreciated in real terms.

Governor @RBI@DasShaktikanta goes on the front foot on the issue of INR - USD exchange rates.Says INR has actually appreciated in real terms.

Quite a headline heavy address at @ficci_india today.https://t.co/T54SM5FLLc pic.twitter.com/04cZfgvVRD

— Anant Goenka (@anantgoenka) November 2, 2022

Speaking at the conference, Das said that with monetary policy actions and policy changes due to a change in regime in the advanced countries, financial conditions have tightened across markets the world over and increased the financial stability risks.