e-RUPI and Economics

Hon'ble Prime Minister of India Shri Narendra Modi has started digital initiatives from time to time. In the last few years, we can see that a kind of digital revolution has taken place in India. Indian citizens have become more aware of digital payment methods which is improving the standard of living. Finance Minister Nirmala Sitharaman had announced in the budget that India will start issuing digital currency in the financial year 2023. On 2 August 2021, Prime Minister of India Shri Narendra Modi has launched a digital payment platform called e-RUPI Digital Platform. National Payments Corporation of India (NPCI) in collaboration with Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW) and partner banks has launched an innovative digital solution called 'e-RUPI' The name has been given. Through this paper, what is e-rupee, its functions and its impact on the Indian economy will be studied.