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Digital Rupee Will Help Cut RBI’s Operational Costs – ET

For every 100-rupee note, the cost works out to be 15-17% on each tender in its four-year life cycle, the report said citing a market estimate

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Indian merchant payments and lending platform Pine Labs has acquired fintech infrastructure provider Setu for about $75  million, Mint reported.
Last valued at $5 billion, Pine Labs has been looking to diversify beyond merchant payments. Photo: Reuters.

 

A digital currency is likely to save operational costs — of printing, distributing and storing currency notes — for the Reserve Bank of India, with a portion of the fiat money in circulation being replaced with online tender, The Economic Times reported.

For every 100-rupee note, the cost works out to be 15-17% on each tender in its four-year life cycle, the report said, citing a market estimate.

Read the full report: The Economic Times.

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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