RBI to study Blockchain technology to curtail paper currency

  • Setindiabiz Team
  • June 14, 2024
rbi to study blockchain technology to curtail paper currency
rbi to study blockchain technology to curtail paper currency
Deputy Governor of Reserve Bank of India(RBI) H R Khan on Friday said that the central bank may soon set up a committee to study the use of ‘Block chain’ technology to reduce the use of paper currency.
“Block chain technology is said to be providing a lot of flexibility in terms of financial transactions and has come out of the Bitcoins. So this makes up a need to study, how to use this Block chain technology in financial transactions where the entire data systems moves up to a different level as told by the Deputy Governor H R Khan to the reporters at an event organized by the IDRBT.
There is a group of officials from RBI, IDRBT and industry people who are appointed to look into this. There is a tremendous potential (in Block chain technology). On Brexit, Deputy Governor H R Khan said the impact will be short term and if there is a medium- term impact than there are systems in place to tackle the situation.
Khan also said that they are closely monitoring the situation giving our macro fundamentals; certainly we will be affected by what is happening globally. But today we are in a much better position to weather the storm. We are not in those earlier days of Fragile Five or Turbulent Tens.
On the rupee volatility, H R Khan said RBI has USD 363 billion of forex reserves and enough tools to handle volatility crisis. RBI, the Deputy Governor H R Khan said, is in discussions with telecom regulator Trai on the issues of tariff rates for mobile banking. The central bank may soon come out with a Customer Liability Framework for Debit and Credit cards that will fix liability of a bank or a customer in the case of a fraud or unauthorized use, he added.

Leave a Reply

Your email address will not be published. Required fields are marked *

Talk To An Expert

Your Information is safe with us | Privacy Policy | Ver10

Exclusive Offer For CA, CS, CMA, Advocate & Tax Practitioners

Apply for Professional Tax Registration

The Professional Tax is mandatory for every company, LLP, GST-registered business, and other applicable professionals. Registration must be obtained within 30 days of incorporation or registration date. Comply now to Avoid Penalty.

Professional Tax Applicable States

Free consultation and calculator of dues, interest & penalty, if any.

Shops & Establishment Act Registration

(Mandatory to all commercial establishments in every state)
All new establishments must register with the office of the Labour Commissioner (Under the applicable state Shops & Establishment Act) within 30 days of their incorporation for companies or LLPs or the start of business for proprietorships or other businesses.
Free consultation and help to calculate dues, interest & penalty, if any.

Protect Your Trademark Now!

(We help you file trademarks in India and abroad)
Don’t let copycats steal your Trademark or Brand. Register your trademarks now in India to protect your brand, logo, slogan, etc. We have helped over 15K Brands secure their IP.

You Can Protect the Following

Free consultation and Trademark Search in Governemt Database