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VOL. 6, ISSUE 1 (2024)
Entry of digital rupee enriches the cashless economy
Authors
R Muthukrishnaveni
Abstract
When the transactions in an economy are not heavily based on the money
notes, coins or any other physical form of money but are aided by the use of
credit cards, debit cards and prepaid payment instruments, such an economy is
called cashless economy. The cashless Economy in India has been amplified with
the Indian Government’s initiative of Digital India. This is a flagship programme
with a vision to transform India into a digitally empowered society and
knowledge economy. The highlights of cashless economy include: Post
Demonetization, the Centre is making a big push for online and card-based
transactions in the country to achieve its target of becoming a largely
cashless economy. The rapid growth of e-payment startups in the country. Launch
of Unified Payments Interface (UPI) to facilitate cashless transactions. The
Covid-19 pandemic fuelled a massive shift towards digital transactions in India
aligning with the prime minister’s vision of a Digital India. In fact,
according to the National Payments Corporation of India (NPCI) data, payments
on UPI in June 2020 hit an all-time high of 1.34 billion in terms of volume
with transactions worth nearly Rs 2.62 lakh crore and The Digital Rupee (e₹) or
e INR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by
the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). This
paper especially enlightens about digital rupee enhances the cashless economy
through government initiatives.
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Pages:9-13
How to cite this article:
R Muthukrishnaveni "Entry of digital rupee enriches the cashless economy". International Journal of Commerce and Economics, Vol 6, Issue 1, 2024, Pages 9-13
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