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Union Finance Minister Nirmala Sitharaman announced on Saturday that the government's priority is to ensure currency circulation favors lower denominations while enhancing public awareness about digital transactions. Addressing concerns about the Rs 500 note, she reassured that efforts are underway to prioritize lower denominations as the Rs 2000 note is mostly withdrawn from circulation.Speaking at the 'National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures' in the capital, Sitharaman stressed the need for greater digital literacy to underscore the benefits of cashless transactions. In recent...

Union Finance Minister Nirmala Sitharaman announced on Saturday that the government's priority is to ensure currency circulation favors lower denominations while enhancing public awareness about digital transactions. Addressing concerns about the Rs 500 note, she reassured that efforts are underway to prioritize lower denominations as the Rs 2000 note is mostly withdrawn from circulation.Speaking at the 'National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures' in the capital, Sitharaman stressed the need for greater digital literacy to underscore the benefits of cashless transactions. In recent...

In fact, UPI is not the only form of digital payment. There are other ways as well. As the RBI annual report points out: “During 2024-25, total digital payments recorded growth of 34.8 per cent and 17.9 per cent in volume and value terms, respectively.”5) Now, more digital payments happening should automatically imply people using lesser cash as a result and hence, lead to lesser cash in the system. There is no denying that that has happened, but only to some extent.As mentioned earlier, the value of UPI transactions in...

Underlining that BIMSTEC is a model for inclusive development and collective security and not merely a regional organisation, Prime Minister Narendra Modi Friday announced more than 20 initiatives — from the mechanism of Home Ministers on security to UPI connecting payment mechanisms, an energy centre to a chamber of commerce.Speaking at the 6th BIMSTEC Summit in Bangkok, Modi said, “BIMSTEC serves as a vital bridge between South and Southeast Asia, and is emerging as a powerful platform for advancing regional connectivity, cooperation and shared prosperity.” “It is a matter of great...

Everyone has been hyping up Central Bank Digital Currency (CBDC), and rightly so. Governments worldwide are betting big on digital currencies, but here’s the reality—most of them have struggled. China’s Digital Yuan isn’t seeing real adoption, Nigeria’s eNaira flopped, and Europe is still debating the Digital Euro. So, does India stand a chance? Absolutely but with some changes. And here’s why—India already cracked the code with UPI.If we apply the same logic and build CBDC into the existing financial ecosystem rather than competing with it to open new avenues where...