In the coming times, changes can be seen in the banking system of the country. Actually, NITI Aayog has recommended a digital bank. The proposed technology based digital bank will not have physical branches. In this, customers will be able to be a part of the process like normal banks, but all this will be done through digital medium. This means that you will not have the tension of going to the branch.
What did NITI Aayog say: According to the news of news agency PTI, in the proposal of NITI Aayog, a framework has been presented regarding digital bank license and regulatory system.
Digital Bank is in the same form as defined in the Banking Regulation Act, 1949 (BR Act). According to the proposal of NITI Aayog, “In other words, these institutions will receive deposits, give loans and offer all the services which are provided for in the Banking Regulation Act. However, the digital bank will primarily use the internet and other related options instead of the physical branch to offer its services.
UPI raises expectations: According to the report of NITI Aayog, India’s public digital infrastructure, especially UPI (Unified Payment Interface) has proved how things can be simplified and access can be increased in a digital way. Transactions through UPI have crossed Rs 4 lakh crore in value terms. At the same time, Aadhaar verification has crossed 55 lakh crores.
Brainstorming on digital currency too: The Central Reserve Bank is brainstorming on digital currency. At the same time, the central government can also prepare the outline of digital currency in the winter session. It is being seen as an alternative to cryptocurrencies. It will be important to see how digital currency works. Let us tell you that the government seems to be in the mood to ban private cryptocurrencies. A bill is about to come for this also.
