Highlights
- Prime Minister Narendra Modi introduces India’s first digital currency
- e-Rupi is the first digital currency of India
- The digital sector of India will be enhanced with the help of digital currency.
In order to address the cases of digital exploitation in the country, Prime Minister Modi has introduced the concept of e-Rupi. This is likely to be the first digital currency of India. It will not be like cryptocurrency because the entire digital sector of currency will be handled by the central authorities. This will be a way for India to take the first step towards the digitization of the Indian currency system. There are several negative aspects of this facility for the major parts of India which have not been completely digitized yet. Nevertheless, it is a great step towards the future of digital currency in the nation.
Motive Behind The Launch Of e-Rupi In India
The entire goal behind adding a digital currency like e-Rupi is to focus on the needs of Digital India. The system will enable a form of cashless transaction between individuals and companies so that the need for currency reduces. It has been announced that the users will be able to avail e-Rupi facilities with the help of OTP which will be valid for one transaction only. The payments can be done with the help of credit and debit cards. The NetBanking system will be quite useful for this as well.
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Prime Minister Narendra Modi has always focused on the digitization of the country. With the advent of digitization, it is expected that the rate of corruption will reduce. The process of using e-Rupi is bound to save people from the trouble of visiting the bank for every minor issue. This can be a great idea for people who have already adjusted to the concept of NetBanking. However, it should also be kept in mind that there will be different challenges that might harm the progressive attitude of the nation towards digitization.
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Will It Be Helpful?
Do you think that the introduction of e-Rupi will be able to enhance the level of digital progress in India? In what ways will this be useful? Let us know your views in the comment section below!
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