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Digital currency can play crucial role in cross-border payments, currency management: Finance Minister

Digital currency should be leveraged for India’s development, said Finance Minister Nirmala Sitharaman.

Delivering the 36th annual convocation address of the Manipal-based TA Pai Management Institute (TAPMI) in Udupi district on Saturday, she said India does not want to lose the opportunity of being a leader in digital currency, and it understands the potential of the Distributed Ledger Technology.

Referring to the Budget announcement on the Central Bank Digital Currency, she said it would usher in efficiencies in cross-border payments and currency management. This will also make bulk transactions far better enabled.

On the Budget announcement for opening digital banking units, she said the units would be set up from this year, as India marks the 75th year of Independence.

By the 100th year of Independence, the country should become a leader in digital payments, digital technology, digital learning, digital banking, digital teaching, and digitisation of its records.

Stating that India leads in the fintech space, she said while attending the World Bank meet in Washington many people she had bilateral discussions with mentioned how fintech captured the imagination of Indian students. The fintech revolution in India has been triggered by the fact that several start-ups specialise in it, Sitharaman said.

She urged the students to join the start-up league and contribute to India’s growth and development.

This year’s Budget announcement has also opened the doors for foreign universities to come to GIFT City in Gujarat with a physical or digital presence, for programmes in fintech-related studies, science and technology, and medicine.

Published on

May 14, 2022

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