Promoting Financial Inclusion through Central Bank Digital Currency: An Evaluation of Payment System Viability in India

IF 1.6 Q3 BUSINESS, FINANCE
Srijanie Banerjee, Manish Sinha
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引用次数: 4

Abstract

The Reserve Bank of India (RBI) is considering introducing a Central Bank Digital Currency (CBDC). According to studies, India's financial system plays a major role in the execution of the CBDC. India is at the forefront of technological advancements in digital payment methods. The central banks that support CBDC's design concept are susceptible to adaptations to the evolution of economic and financial systems. This study will highlight the potential of CBDC to boost financial inclusion. Quantitative regression analysis is being used to quantify the potential drivers of financial sector efficiency and stability to measure the impact of CBDC implementation on financial inclusion. The central bank should build the CBDC utilizing the Structural Vector Auto-Regression model while considering payment system visibility. The proposed study can help to identify the lags in attaining financial inclusion in India and to design CBDC. The proposed study can also establish the policymakers' role in maximizing benefits to the consumers. The study establishes the potential role of RBI in the smooth functionality of implementing CBDC. The study brings out the trend of the payment system in India that opens up the possibility of positive implementation of CBDC and its welfare to percolate among consumers.
通过央行数字货币促进金融包容性:对印度支付系统可行性的评估
印度储备银行(RBI)正在考虑推出央行数字货币(CBDC)。根据研究,印度的金融体系在CBDC的执行中发挥着重要作用。印度在数字支付方式的技术进步方面处于领先地位。支持CBDC设计理念的中央银行很容易适应经济和金融体系的演变。这项研究将强调CBDC促进金融包容性的潜力。定量回归分析用于量化金融部门效率和稳定性的潜在驱动因素,以衡量CBDC实施对普惠金融的影响。中央银行应该利用结构向量自回归模型构建CBDC,同时考虑支付系统的可见性。拟议的研究可以帮助确定在印度实现金融包容性和设计CBDC方面的滞后。本研究也可以确立政策制定者在消费者利益最大化中的角色。该研究确定了RBI在实施CBDC的顺利功能方面的潜在作用。该研究揭示了印度支付系统的趋势,为积极实施CBDC及其福利在消费者中渗透提供了可能性。
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来源期刊
CiteScore
3.90
自引率
15.80%
发文量
22
审稿时长
24 weeks
期刊介绍: The Australasian Accounting, Business and Finance Journal is a double blind peer reviewed academic journal. The main focus of our journal is to encourage research from areas of social and environmental critique, exploration and innovation as well as from more traditional areas of accounting, finance, financial planning and banking research. There are no fees or charges associated with submitting to or publishing in this journal.
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