RBI TO ISSUE DIGITAL RUPEE STARTING FROM 2022-23

New Delhi, February 02, 2022.

Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman proposed to introduce Digital Rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23. While presenting the Union Budget for 2022-23, in Parliament today, she elaborated that introduction of Central Bank Digital Currency (CBDC) would give a big boost to digital economy. “Digital currency will also lead to a more efficient and cheaper currency management system”, she said.

She further proposed various other initiatives to boost investment and credit availability in the country.

Smt. Sitharaman proposed that the Data Centres and Energy Storage Systems including dense charging infrastructure and grid-scale battery systems would be included in the harmonized list of infrastructure. “This will facilitate credit availability for digital infrastructure and clean energy storage”, she said.

Smt. Sitharaman said that the Government backed Funds NIIF and SIDBI Fund of Funds had provided scale capital creating a multiplier effect. She said that for encouraging important sunrise sectors such as Climate Action, Deep-Tech, Digital Economy, Pharma and Agri-Tech, the government would promote thematic funds for blended finance with the government share being limited to 20 per cent and the funds being managed by private fund managers.  

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