A STUDY ON AWARENESS, PERCEPTION, AND WILLINGNESS TO ADOPT RBI'S DIGITAL RUPEE (CBDC) AMONG ADULTS IN MUMBAI SUBURBAN

CBDCs offer today's payment systems an additional layer of efficiency while covering new terrain in financial inclusion and monetary policy enforcement. These benefits are being recognised by central banks worldwide, as well as within their own countries. Turning our attention to India, the Reserve Bank of India has begun taking steps to introduce the Digital Rupee, poised to tackle the challenge of creating a practical and usable sovereign-backed digital currency in the country. India’s digital currency proposals and policy frameworks have raised critical questions about the feasibility of a cashless economy. Implementing a cashless economy policy while reducing costs, enhancing transaction efficiency, and mitigating counterfeiting and other financial manipulation requires thorough consideration. The Bank for International Settlements has consistently challenged policymakers in India to develop a strategy and policy that considers social and legal realities, and how to maximise the chances of reaping the potential benefits of reduced costs. This inevitably raises central questions of social readiness. Designing a CBDC strategy has the potential to instil optimism, but it also raises concerns about the country’s digital policy infrastructure. There are increasing levels of optimism. The country’s robust payment infrastructure and active banking model serve as the foundation for building an economic model for CBDC.