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The Reserve Bank of India (RBI) has embarked on a groundbreaking initiative aimed at transforming the landscape for Micro, Small, and Medium Enterprises (MSMEs) in the country.
The banks that have been penalised are the Baramati Sahakari Bank, the Becharaji Nagarik Sahakari Bank, the Waghodia Urban Co-operative Bank, and the Viramgam Mercantile Co-operative Bank, according to the releases. The central bank has imposed a penalty of Rs 2 lakh each on Baramati Sahakari Bank and Becharaji Nagarik Sahakari Bank, as mentioned in the releases.
In 2022, the RBI floated digital Rupee, India’s very own CBDC, and an electronic form of sovereign currency.
The pilot project for the wholesale CBDC, also known as the Digital Rupee-Wholesale (e-W), was originally introduced in November of the previous year, , Reserve Bank of India (RBI), Central Bank Digital Currency (CBDC), Digital Rupee
The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman