RBI TRYING TO LAUNCH A DIGITAL RUPEE CURRENCY PILOT IS WRONGLY TIMED

RBI TRYING TO LAUNCH A DIGITAL RUPEE CURRENCY PILOT IS WRONGLY TIMED


I am placing below two links of news reports:

1. The Hindustan Times Report on release of concept note by RBI to Launch a Pilot of the Digital Rupee Currency (soon).

2. Indian Express News Report about Indian Rupee sliding further to 82.32 today against USD

I am finding it difficult to understand why RBI is behind launching a Digital Rupee Currency in a hurry as a Sovereign Currency ( a Guaranteed Legal Tender with Sovereign Guarantee ).

a) The timing of launching a Digital Currency is absolutely bad, while the long operating digital currencies of the world are in real bad shape right now and quite non-performing.

b) The Indian Rupee is already sliding disastrously to all time low level, today sliding to the all time low of 82.32 to USD is a bad enough warning bell.

c) The Sovereign Financial Situation can not be said to be so much comfortable, while there is recurrent effort to (sell and ) Privatize Banks and Public Sector.

d) While repeated attempts were made to kill the cash/informal economy of India, that was a historical and strong back bone of Indian Economy, is it that the Digital Rupee Currency to be launched as a Physical Cash Currency Substitute to be killed later on mercilessly? If that is going to happen later on why doing it in a hurry right now?

RBI ( Reserve Bank of India ) is the Central Bank, it can not dance to some thoughts that may not be appropriate for Indian Economy and Monetary situations elsewhere. Independent Operations of RBI in the interest of the Economy to perform with stability is critical for India.


About the Author : Dr. Nimain Charan Biswal is a B.Sc.(Agri. Science and Technology), M.B.A. and Ph.D.(Management Area ) by qualifications; and he has 36+ years of work experience in both industrial and development sectors in diversified fields of social importance. He has been educated at Orissa University of Agriculture and Technology (OUAT)-Bhubaneswar, Institute of Rural Management Anand (IRMA) and Gujarat University (with Resource Support of IIM-Ahmedabad). He is further educated at IIM-Calcutta, XLRI-Jamshedpur, Apple Computer Industries and Spar Inc., USA. He has worked for reputed National and International Organizations in Senior/Top Management Capacities at Board level as well as Managing Director and CEO. He is a management expert covering extensive areas from management in industrial sectors, management in agriculture and dairy, development management to management of public systems. He is a prominent professional of India and known Internationally as well. He lives at Mumbai in India.

 

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