How much will traders benefit from RBI’s digital rupee? learn

New Delhi. The Reserve Bank of India (RBI) has today launched the Retail Digital Rupee (Digital Rupee – e₹-R). Initially it can be purchased from four banks, State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. Where common people are being told to benefit from this, on the other hand, how much the businessmen of India will benefit from this digital currency is a big question.

In this regard, on behalf of the Confederation of All India Traders, it was said that the decision of the Reserve Bank of India to introduce digital currency at the retail level is a welcome step and the Confederation of All India Traders (CAIT) will soon be able to use it as a mode of payment in business. will launch a nationwide movement among the business community across the country to adopt and accept the digital rupee.

CAT’s National President BC Bhartia and National General Secretary Praveen Khandelwal said that it will boost the Indian economy from the grassroots level. Indian economy is consumption based. The retailer and the consumer are the kings in the economy. Indian economy is very large but due to the use of cash currency at the retail level, there is a large part of cash currency in trade which remains unaccounted. With the introduction of digital currency, every transaction will be recorded in the books of the Reserve Bank of India and the records of the Government of India. We will be able to boost the world’s largest domestic economy. The exact size of the retail market in our country would be evidenced by the recorded transactions.

Both the business leaders said that digital currency will help in spreading the acceptance of Digital India. By getting the actual count of retail business, the Reserve Bank of India as well as the Government of India will be in a position to formulate trader and consumer friendly policies.

Both Bhartia and Khandelwal said that in the absence of certified sales turnover data, retailers are unable to get loans from banks. With the introduction of digital currency, the genuine business of the retailer will be authenticated by digital transactions to get better loans from banks.

The Reserve Bank of India has to spend crores of rupees in printing and distributing currency. Reserve Bank of India will get huge savings from digital currency. Digital currency is also eco friendly. Paper used for printing paper currency will be saved. There will be less cutting of trees for paper. Less use of chemical colors will lead to environmental protection. Digital currency will help in developing the software industry. This will provide employment to lakhs of youth. Soon we will see Digital India being practically implemented and accepted.

Due to this, there will be a lot of demand for IT products, software and other products related to the digital industry. India is going to become the youngest country in the world. The youth of the country moves with technology. The government is taking the people of India towards digital technology. Huge market for digital products is round the corner. India is a country of young people with innovative ideas. We will see a tremendous growth in startups coming to the markets. As a result of which job seekers will now become job givers.

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Tags: Digital India, RBI, reserve bank of india