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RBI Digital Currency: Union Bank of India aims to adopt Reserve Bank of India's digital rupee for employee benefit schemes, encouraging CBDC wallet transactions among staff members. Initially, the bank plans to credit specific allowances directly to the digital wallet, yet encounters resistance from some employees, prompting a protest from the All India Union Bank Employees Federation. They advocate for management to consult staff before enforcing this initiative.

News News: This article discusses the ten crucial current affairs of 2023 that aspirants preparing for the Civil Services Examination and Combined Graduate Level

Everything You Need to Know About CBDC in India: Benefits, Purchasing Process, and MoreDiscover the Benefits and Purchasing Process of CBDC in India

With a robust domestic payments system in place, a central bank digital currency has limited appeal among resident Indians. Where it holds considerable promise is in cross-border payments

Igl: This initiative is part of the Central Bank Digital Currency (CBDC) program launched by the Reserve Bank of India in 2022, which is designed to enhance the use and acceptance of the country's digital currency.