More than 100 countries, representing over 95% of global GDP, are exploring CBDCs. While some have already deployed ecurrencies, others are either running pilots or developing them. Such e-currencies are a hotly debated subject of curiosity, confusion and even concern. Yet, no one wants to be left behind the curve.
CBDC - Central Bank Digital Currency:
Imagine if your country's money could also exist on your phone or computer. That's CBDC. It's like a digital version of your regular money, but it's controlled by the big bank in your country. This makes it super secure.CBDC works like a digital version of the money you have in your wallet. It's backed by the government, just like your regular cash. You can use it to pay for things and do business online. It's like carrying your country's money in your phone.
UPI - Unified Payments Interface:
Have you ever wanted to send money to a friend immediately, even if they're in a different bank? UPI makes this possible. It's like magic for your mobile, allowing you to transfer money from one bank account to another right away.UPI, on the other hand, is like a bridge between different banks. You can use it to send money directly from your bank account to your friend's account, without needing cash or waiting. It's like texting money.
After cryptos became popular, with Millennials and Gen-Z users experimenting with them in some form, central banks felt they had to step on the gas to deliver a next-generation payments vehicle that can flaunt the convenience of cash and characteristics of crypto. Most central banks have added the prefix 'e' to their respective currency names for end-user comfort and familiarity.
Esta historia es de la edición May 2024 de BANKING FINANCE.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición May 2024 de BANKING FINANCE.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Financial Services in Free Trade Agreements
India Exim Bank organised a workshop on “Financial Services in Free Trade Agreements”.
HDFC Bank introduces PIXEL: A new generation of Digital Credit Cards
HDFC Bank announced the launch of ‘PIXEL’ – its first end-to-end mobile app-based customisable, DIY digital card range designed for Digital Natives. PIXEL is tailored for a generation characterised by digital fluency, unique preferences, and distinct financial behaviours.
ICICI Bank enables NRI customers to use international mobile number to make UPI payments in India
ICICI Bank announced that it has enabled NRI customers to use their international mobile number to make UPI payments instantly in India, thereby significantly enhancing their convenience of making everyday payments.
Karur Vysya Bank opens its 840 th Branch at Ayodhya
Karur Vysya Bank (KVB) inaugurated a new branch at Ayodhya today. This is the 840th Branch of the Bank. Dr. Meena Hemchandra, Chairperson, Karur Vysya Bank inaugurated the Branch. Ayodhya is the 7th Branch of the Bank in Uttar Pradesh and the 35th Branch in the Delhi Division of the Bank.
ROLE OF 5G IN ACCELERATING DIGITAL TRANSFORMATION IN THE BANKING LANDSCAPE
The emergence of 5G technology presents a transformative opportunity for the banking industry.
EMOTIONAL AI IN BANKING
\"I believe that at the end of the century, the use of words and general educated opinion will have altered so much that one will be able to speak of machines thinking without expecting to be contradicted.\" - Alan Turing (23 June 1912 - 7 June 1954)
WOMEN ENTREPRENEURSHIP - A STRONG WHEEL OF INDIA'S GROWTH ENGINE
The importance of women entrepreneurship for economic development is widely recognized. India is one of the fastest growing economies and the importance of women entrepreneurship is felt at every level. Women entrepreneurship plays an important role in creating jobs, wealth, poverty reduction, human development, education, health and national development, especially in developing countries like us. The objective of this article is to recognize the contribution of Women entrepreneur in writing India's growth story.
BURNOUT AT THE INDIAN BANKS: BREAKING THE CYCLE OF STRESS
The Indian banking landscape is undergoing a period of significant transformation. Mergers, acquisitions, rapid technological advancements, and an increasingly competitive environment are driving growth in the sector.
NAVIGATING THE ETHICAL ABYSS: THE DEEPENING QUANDARY OF AI-GENERATED DEEPFAKES
In the digital age, where reality and simulation intertwine seamlessly, the emergence of artificial intelligence has thrust us into uncharted territories. With meticulous precision, algorithms now craft media that blurs the lines between truth and fiction, ushering us into an era fraught with ethical dilemmas and privacy concerns.
THE HISTORY OF THE INDIAN BANKING INDUSTRY
The history of the Indian Banking Industry is rich and diverse, reflecting the country's economic and political evolution over the centuries. Banking services play a vital role in the Indian economy, serving as the backbone of its financial system. Here's a brief overview: