The Reserve Bank of India (RBI) Governor Shaktikanta Das voiced strong concerns over stablecoins, which he described as "private money" that could undermine government sovereignty by allowing private issuers to dominate the payments system. Speaking at the G30 39th Annual International Banking Seminar in Washington, DC, Das argued that the ...
Governor Shaktikanta Das of the Reserve Bank of India (RBI) continues to champion the country's Central Bank Digital Currency (CBDC), known as the Digital Rupee, positioning it as a crucial tool for addressing the risks posed by cryptocurrencies. During his speech at the Central Banking at Crossroads conference, Das highlighted ...
Google Pay, Walmart-backed PhonePe, and Amazon Pay are among five payment firms seeking to participate in India's central bank digital currency (CBDC) pilot, according to a new report from Reuters. Sources, speaking on condition of anonymity, told Reuters that these firms are working with the Reserve Bank of India (RBI) ...
The future of the monetary system, as envisioned by Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), will consist of three crucial elements: central bank digital currencies (CBDCs), tokenized bank liabilities, and regulated stablecoins. Menon shared this insight in a panel session on the Future of ...
The State Bank of India (SBI) has added support for the Unified Payment Interface to its Central Bank Digital Currency (CBDC) app, 'eRupee by SBI'. The integration will allow the app users to conduct swift and secure transactions by scanning UPI QR codes. The UPI system is India's foremost instant ...
Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), has put forth an innovative proposal to enhance India's payment ecosystem. The plan involves integrating an AI-powered conversational payment system into the country's unified payments interface (UPI). During a Monetary Policy Committee meeting on August 10, 2023, Governor Das ...
Prominent global financial services company, JPMorgan Chase, has collaborated with six leading Indian banks to launch a blockchain-powered platform that facilitates interbank settlement of dollar transactions. According to a Bloomberg report published on June 5, 2023, Kaustubh Kulkarni, JPMorgan's senior country officer for India and vice chairman for the Asia ...
A senior government official representing the Reserve Bank of India (RBI) has advocated for banks' adoption of blockchain and artificial intelligence (AI) technologies to ensure sustainable growth and stability. Governance in Banks: Driving Sustainable Growth and Stability - Speech delivered by Shri M K Jain, Deputy Governor, Reserve Bank of ...
The Reserve Bank of India (RBI) has unveiled its plans to expand the Central Bank Digital Currency (CBDC) pilot program in the fiscal year 2023-2024. The Indian Central Bank stated in its annual report for the fiscal year 2022-2023 that it aims to enhance the CBDC by incorporating a wider ...
