Banks Need To Step Up To Ensure Success Of ULI, CBDCs: RBI Dy Guv

RBI Deputy Governor Rabi Sankar highlighted the need for banks to step up and play a key role in ensuring the success of the Uniform Bankable Instrument (UBI) and Central Bank Digital Currencies (CBDCs). The RBI has been pushing for the adoption of CBDCs as part of its digital currency initiative. Sankar emphasized that banks need to build the necessary infrastructure to support these digital currencies and ensure that they meet the needs of the economy. The success of CBDCs will depend largely on their integration into the existing banking systems.