As Shaktikanta Das concluded his tenure as the Reserve Bank of India’s (RBI) governor on December 10, he took the opportunity to highlight his lasting vision for India’s economy, particularly emphasizing the role of digital innovation.
Reflecting on his six-year leadership, Das underscored the RBI’s efforts to integrate cutting-edge technologies, including the establishment of the RBI Innovation Hub in Bengaluru and the creation of a regulatory sandbox to support fintech growth. One of his key points was India’s progress in developing its central bank digital currency (CBDC), the digital rupee. While many global central banks are still grappling with theoretical discussions, Das proudly noted that the RBI has taken concrete steps by launching a pilot program for its CBDC—an area where India is seen as a leader.
He expressed his belief that digital currencies represent the future of money, with vast potential for both domestic and cross-border transactions.
Although excited about the prospects of CBDCs, Das cautioned against rushing into a nationwide rollout without fully understanding their implications. He advocated for a gradual approach, using pilot programs to gather real-world data that would guide future policy decisions. His careful approach reflects a broader vision of using technology to enhance India’s monetary framework without disrupting its financial stability.
As he prepares to step down, Das remains confident that digital currencies will be integral to India’s future financial landscape, ensuring secure, efficient payments and expanding India’s role in global financial systems.