Bank notes india news
Here are some recent news updates related to bank notes in India:
Latest Developments:
- New Series of Bank Notes: The Reserve Bank of India (RBI) has introduced a new series of bank notes with enhanced security features. The new notes are in the denominations of ₹50, ₹100, ₹200, ₹500, and ₹2000.
- Cashless Economy: The government has been promoting a cashless economy, and the RBI has been encouraging the use of digital payments. The RBI has also introduced a mobile payment app, BHIM, to facilitate digital transactions.
- Demonetization: The government's decision to demonetize high-denomination bank notes (₹500 and ₹1000) in 2016 led to a significant shift towards digital payments. The move aimed to curb black money and counterfeit currency.
Recent News:
- RBI to Introduce New Series of Bank Notes: The RBI has announced that it will introduce a new series of bank notes with enhanced security features. The new notes will have a new design, color scheme, and security features to prevent counterfeiting.
- Cash Withdrawal Limit Increased: The RBI has increased the cash withdrawal limit from ATMs to ₹4,500 per day, up from ₹2,500 earlier. This move aims to ease the cash crunch in the country.
- Digital Payments on the Rise: The RBI has reported a significant increase in digital payments in the country. The value of digital transactions has increased by 45% in the last year, with the majority of transactions being made through mobile wallets and UPI.
- RBI to Introduce Contactless Payments: The RBI is planning to introduce contactless payments in the country. This move aims to promote digital payments and reduce the use of cash.
- Cashless Economy to Boost GDP: The government has estimated that the shift towards a cashless economy could boost the country's GDP by 1.5% to 2%.
Upcoming Developments:
- RBI to Introduce New Series of Coins: The RBI is planning to introduce a new series of coins with enhanced security features. The new coins will have a new design and color scheme to prevent counterfeiting.
- Digital Payments to Become Mandatory: The government is planning to make digital payments mandatory for certain transactions. This move aims to promote digital payments and reduce the use of cash.
- RBI to Introduce Blockchain Technology: The RBI is planning to introduce blockchain technology to improve the efficiency and security of digital payments. This move aims to reduce the risk of fraud and improve the overall payment experience.
These are some of the recent news updates related to bank notes in India. The RBI and the government are continuously working to promote digital payments and reduce the use of cash in the country.