On his final day as Reserve Bank of India (RBI) Governor, Shaktikanta Das unveiled his vision to transform India’s economy through the adoption of a central bank digital currency (CBDC), the digital rupee. In his farewell speech on Dec. 10, Das highlighted six years of initiatives, including the RBI Innovation Hub in Bengaluru and a fintech regulatory sandbox, aimed at leveraging new technologies.
Das emphasized that while many central banks worldwide remain in the experimental phase, the RBI is a pioneer, launching a pilot CBDC project. He expressed strong optimism about the digital rupee’s potential to replace the traditional paper-based economy, stating, “CBDC has a huge potential in the coming years; it is the future of currency.”
In November, the RBI sought to expand its cross-border payments platform by adding trading partners in Asia and the Middle East, enhancing instant settlements. Although Das advised a cautious, phased approach to CBDC implementation to fully understand its impact on users and monetary policy, he remains confident in its ability to underpin future payment systems both domestically and internationally.