How CBDC can help banks and fintech firms to reinvent
- From ceding conventional roles to developing new ones, a lot can happen in the financial and payment system.
In October 2020, the Reserve Bank of India (RBI) had set up an Internal Working Group to undertake a study on the appropriate design and implementation architecture for introducing a ‘Central Bank Digital Currency’ (CBDC) in India. In a report released in February 2021, the working group made certain recommendations. On 7 October 2022, the Fintech Department of RBI issued its much-awaited Concept Note on CBDCs.