RBI is waiting for other countries to introduce their digital currencies

• The Reserve Bank of India (RBI) is cautious about launching a nationwide Central Bank Digital Currency (CBDC) for retail, waiting for simultaneous launches by other countries.

• Deputy Governor Rabi Sankar emphasized that cross-border payments are the most suitable use-case for the CBDC, though retail implementation is not completely ruled out.

• The comments come in the context of Finance Minister Nirmala Sitharaman’s call for nations to prepare for stable coins.

• At the Global Fintech Fest, the National Payments Corporation of India (NPCI) introduced biometric authentication for UPI payments, allowing it to replace traditional PINs.

• The feature, which provides customers the choice of authentication method, was presented by M. Nagaraju from the Ministry of Finance.

• This biometric system promises enhanced security through cryptographic checks and aims to benefit senior citizens and first-time users.

RBI CBDC readiness is important topic for Civil service exam (WBCS).

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