Committed to use policy tools for securing robust recovery from the current pandemic induced slowdown of the economy, the Reserve Bank of India (RBI) is in the process of introducing digital version of the fiat currency with simultaneously assessing the impact of introducing such central bank digital currency.
RBI Governor Shaktikant Das while speaking at an economy conclave said that the collective endeavour has provided necessary liquidity support which has maintained the flow of credit in Indian economy so much so, India is set to becoming the top financial technology hub of Asia.
He said the Indian economy will have 87 per cent Fin Tech adoption rate, the much higher proportion than the global average of 64 per cent. The Indian FinTech market valued at Rs. 1.9 trillion in 2019 expected to reach Rs. 6.2 trillion by the year 2025 on the back of digital lending, digital payments, crowdfunding, peer to peer lending and block chain technology.