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"What is needed for the sustainable development and growth of the fintech ecosystem is the right thrust on customer-centricity and better governance standards. These can be achieved by balancing the needs of tomorrow with the wants of today," Ajay Chaudhary, an executive director who heads the fintech department at the Reserve Bank of India, said.
RBI Chief General Manger Suvendu Pati says though the regulator is working on at providing anonymity at the transaction level, the custodian or banks will have wallet-level information, especially CBDC balances
The Unified Payments Interface (UPI) has played a significant role in driving financial inclusion in India by bringing unbanked individuals into the formal financial system, according to RBI Governor Shaktikanta Das. He highlighted that the total number of transactions on the UPI platform exceeded 10 billion in August 2023, making it the backbone of digital payments in India.
RBI Governor said the RBI is slowly and steadily expanding the CBDC pilots to more banks, cities, people and use cases.
Doha, Qatar:Faculty and students of the University of Doha for Science and Technology have praised Qatar s first applied university for its hands on a...