RBI exploring possibility of launching digital currency
In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks, says RBI
BusinessToday.In | January 27, 2021 | Updated 13:56 IST
RBI says growth of retail payments has been provided by NEFT and NPCI
The RBI is exploring possibility of launching a digital version of rupee, the central bank has said. Private digital currencies (PDCs)/virtual currencies (VCs)/crypto currencies (CCs) have gained popularity in recent years, the RBI in its report, Payment and Settlement System in India, has said.
The report highlights steps taken by the Reserve Bank of India (RBI), which have transformed India into a country riding high in the evolution of digital payments. In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks, the RBI said.
PhonePe Launches Term Life Insurance Plans Starting at Rs 149 Annual Premium, How to Access It
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Digital payments company PhonePe has announced the launch of Term Life Insurance plans on its platform, in association with ICICI Prudential Life Insurance. With this launch, PhonePe users can now protect their families from financial turmoil in the event of an untimely demise. The company is offering plans for a premium of as low as Rs 149 per annum. PhonePe says that an insurance policy can be availed instantly via the app without any health check-ups and paperwork.
PhonePe further notes that India s insurance penetration is about 2.73 percent, mainly due to lack of awareness and confusing paperwork. It is said that the problem is more prevalent in tier 2 cities and beyond, where a large population of the country resides. Therefore, the digital payments company that has over 250 million user base hopes to bridge the gap. It adds that PhonePe users aged between 18 to 50 y