The Indian government plans to bring in its own digital currency. The country’s top bank, the Reserve Bank of India, has started working on the digital currency. “The RBI itself is working on digital currency,” said Shaktikant Das, RBI governor. It will be completely different from the cryptocurrency. This will put a stop to bank fraud. There will also be transparency in the lending process.
According to the RBI’s annual report released in August, the number of bank fraud cases in India has increased 159 times in 2019-20. That’s 2.5 times more than a year ago.
Rajesh Dhudu of Block Chain and Cyber Security, Tech Mahindra said that despite the benefits of online banking, UPI, ATGS, people’s behavior has not changed. The system does not have a system in place to monitor transactions. Electronic payment is a digital version of the paper currency. Today, anyone can make money in the electronics process. It can be changed in cash.
Forensic consultant Deloitte’s B Karthik said the digital currency fraud case would be curbed. But it remains to be seen how India will work in the CBDC framework. “Two models of CBDC can be accepted,” he said.
Image Source : Economic Times