India’s RuPay payment system can also be launched in Singapore and UAE

The interest of other countries in India’s RuPay payment system is increasing. Finance Minister Nirmala Sitharaman has told that Singapore and UAE are considering accepting it. He said that the Central Government is in talks to make RuPay acceptable in various countries.

Sitharaman in a program Told, “We are in talks with various countries. Singapore and UAE want to make RuPay acceptable in their countries, along with Unified Payments System (UPI), BHIM app and National Payments Corporation of India (NPCI) are working on such a way so that it can be linked with the systems of other countries. On the ongoing crisis in Ukraine, he said that developed countries should take responsibility for the worldwide impact of policy decisions taken on their behalf. He condemned the imposition of sanctions on the part of the developed countries on such countries which are fulfilling their moral and democratic obligations towards their people.

Preparations are also being made to launch the Central Bank Digital Currency (CBDC) in the country. The Reserve Bank of India (RBI) will soon start the trial run of e-rupee. This is likely to strengthen the digital economy of the country. E-Rupee will make payment systems more efficient and control money laundering.

RBI has cbdc But it has been told in a concept note that its goal is not to replace the existing payment systems, but to increase the payment options. It will be supported by the country’s state-of-the-art payment systems. These systems are affordable, efficient and safe. The digital economy of the country will get a boost from the digital rupee system. It will also contribute to financial inclusion. CBDC is issued by the Central Bank of the country and is a digital model of currency. Central banks in many countries are exploring the possibility of issuing CBDCs. In this year’s budget, the government had announced the launch of CBDC from the financial year 2022-23. RBI said, “Trial will be started soon for special use cases of e-Rupee. As the scope of this trial increases, the special features and benefits of e-Rupee will be informed.”

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