RBI digital payment mission : RBI Launches Mission to Make Every Citizen a User of Digital Payment
The Reserve Bank of India (RBI) has launched a mission to make every citizen a user of digital payment. The mission aims to achieve the goal of a less-cash society and promote digital payments as the preferred mode of payment. The RBI Governor, Shaktikanta Das, launched the campaign, which will focus on creating awareness about digital payments and their benefits.
The mission will be implemented through a multi-stakeholder approach, with various stakeholders such as banks, payment system operators, merchants, and consumers. The RBI will work closely with these stakeholders to create awareness about digital payments and promote their usage.
The campaign will focus on creating awareness about the benefits of digital payments, such as convenience, security, and transparency. The RBI will also provide education and training to consumers to help them understand the various digital payment options available to them.
The mission is expected to have a significant impact on India’s economy by reducing the use of cash and increasing the use of digital payments. The move is also expected to promote financial inclusion and help small businesses grow by making digital payments more accessible and affordable.
In conclusion, the RBI’s mission to make every citizen a user of digital payment is a step towards achieving a less-cash society and promoting digital payments as the preferred mode of payment. The mission is expected to have a significant impact on India’s economy and promote financial inclusion.
B) Why this News is Important:
RBI Launches Mission to Make Every Citizen a User of Digital Payment
The Reserve Bank of India has launched a mission to make every citizen a user of digital payment. The campaign aims to achieve the goal of a less-cash society and promote digital payments as the preferred mode of payment. The following are the reasons why this news is important:
Promotes a less-cash society: The mission aims to promote a less-cash society by increasing the usage of digital payments.
Promotes financial inclusion: The move is expected to promote financial inclusion by making digital payments more accessible and affordable.
Reduces the use of cash: The mission is expected to have a significant impact on India’s economy by reducing the use of cash.
Promotes small businesses: Making digital payments more accessible and affordable is expected to help small businesses grow.
C) Historical Context:
The RBI’s mission to make every citizen a user of digital payment is a step towards achieving a less-cash society. India has been pushing for a less-cash society for several years now. In 2016, the government of India launched the demonetization drive, which aimed to remove high-value currency notes from circulation and promote digital payments.
Since then, the government has been pushing for digital payments through various initiatives, such as the Digital India campaign and the Unified Payments Interface (UPI). The COVID-19 pandemic has also accelerated the adoption of digital payments as people have become more cautious about using cash.
D) Key Takeaways from “RBI Launches Mission to Make Every Citizen a User of Digital Payment”:
| Serial Number | Key Takeaway |
|---|---|
| 1 | The RBI has launched a mission to make every citizen a user of digital payment. |
| 2 | The mission aims to achieve the goal of a less-cash society and promote digital payments as the preferred mode of payment. |
| 3 | The campaign will focus on creating awareness about the benefits of digital payments, such as convenience, security, and transparency. |
| 4 | The mission is expected to have a significant impact on India’s economy by reducing the use of cash and increasing the use of digital payments. |
Important FAQs for Students from this News
Q1. What is the mission launched by RBI for digital payments?
A. RBI has launched the mission “DilSe” to make every citizen a user of digital payments.
Q2. What is the objective of the “DilSe” mission?
A. The objective of the “DilSe” mission is to increase the adoption of digital payments by promoting awareness and education, and addressing security concerns.
Q3. What are the measures taken by RBI to achieve the objectives of “DilSe” mission?
A. The measures taken by RBI to achieve the objectives of “DilSe” mission include conducting campaigns, creating awareness materials, partnering with various stakeholders, and introducing new digital payment products.
Q4. Why is the promotion of digital payments important?
A. The promotion of digital payments is important as it reduces the dependence on cash, promotes transparency and accountability, and contributes to the formalization of the economy.
Q5. What are the benefits of digital payments?
A. The benefits of digital payments include convenience, safety, speed, cost-effectiveness, and financial inclusion.
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