Page 28 - Banking Finance November 2025

ARTICLE

disasters. Getting and keeping the public's trust in such sibility that the responsibilities of financial intermediaries will
an important part of the country's infrastructure is es- change.
sential for it to be widely used and accepted. Impor-
tantly, the RBI is also looking into making the eRs work As India figures out how to deal with the new digital world,
without internet i.e. making it offline, so it can be used Programmable CBDC stands out as a strong example of how
by anyone, even if they don't have access to the money is changing. As a result, passive value storage has
internet. This is very important for India's large rural given way to active, intelligent capital that can run com-
and digitally underserved populations, as it would make plex economic logic to meet specific policy goals and busi-
the system more like real cash. ness needs. There are huge chances for efficiency, accuracy
and new ideas, but there are also huge problems with pri-
Conclusion vacy, financial stability and the ability to keep running
smoothly.
Programmable CBDCs are a big change in the way money
works. They provide people more control, openness and The RBI, GoI and the private sector are currently discuss-
efficiency in financial transactions than ever before. It could ing, running rigorous tests and working together. All of these
change not only monetary systems but also the way the things will have a big impact on how this digital currency is
economy as a whole is run since, they could automate com- designed and governed. In India, the ultimate success of
pliance, allow conditional payments, and deliver tailored Programmable CBDCs will depend on how well they keep
fiscal policies. their promises of innovation and efficiency while also uphold-
ing basic social values. This is to make sure that this major
But the promise of programmability comes with a lot of change in finance empowers individuals and strengthens the
difficult problems, such as privacy issues, cybersecurity dan- Indian economy in a digital world that is becoming more
gers, operational complexity, legal difficulties and the pos- connected.

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