India to launch central bank digital currency next fiscal year – The Peninsula Qatar

India to launch central bank digital currency next fiscal year – The Peninsula Qatar

India plans to launch a central bank digital currency in the financial year starting in April, Finance Minister Nirmala Sitharaman said in her budget speech.

The digital rupee will help to usher in cheaper, more efficient currency management, Sitharaman said Tuesday. The Reserve Bank of India has been working on a phased implementation strategy for its digital currency, which could reduce dependency on cash.