Prime Minister Narendra Modi on Tuesday encouraged the use of the Reserve Bank of India’s (RBI) digital currency—the central bank digital currency (CBDC)—while speaking at the launch of the Odisha government’s women-centric scheme, Subhadra Yojana.
Speaking at the event, Modi said the scheme will provide more than 1 crore women across the state with financial assistance of Rs 50,000, which will be given to women in a timely manner and deposited directly to their bank accounts.
Modi also added that the RBI’s digital currency pilot project has been attached to the Yojana whereby the women can spend digitally, and he congratulated women on being part of the digital currency initiative.
In 2022, RBI launched the CBDC pilot programme for both retail (CBDC-R) and the wholesale segment (CBDC-W).
CBDC-W serves institutional participants of the financial markets. CBDC-R is a digital medium of exchange for retail…