Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>) will today launch the nation's first <keyword id="15195039" type="General" weightage="20" keywordseo="digital-rupee-pilot-project" source="Orion">digital rupee pilot project</keyword> for the <keyword id="3047329" type="General" weightage="20" keywordseo="wholesale-segment" source="Orion">wholesale segment</keyword>. In a statement, the central bank said that it will "soon commence pilot launches of <keyword id="10678165" type="General" weightage="20" keywordseo="digital-rupee" source="Orion">Digital Rupee</keyword> (ea,) for specific use cases. Accordingly, the first pilot in the Digital Rupee - Wholesale segment (ea,-W) shall commence on November 1, 2022". The central bank further informed that "the first pilot in Digital Rupee - Retail segment (ea,-R) is planned for launch within a month in select locations in closed user groups comprising customers and merchants. The details regarding operationalisation of ea,-R pilot shall be communicated in due course". RBI has selected nine banks for participation in the digital rupee's wholesale <keyword id="6644808" type="General" weightage="20" keywordseo="pilot-project" source="Orion">pilot project</keyword>. These are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC. Finance Minister Nirmala Sitharaman in her budget speech on February 1 had announced that RBI will launch a Central Bank Digital Currency (CBDC) in this fiscal. CBDC is a digital form of currency notes issued by a central bank. Digital currency or rupee is an electronic form of money, that can be used in contactless transactions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-82-73-against-us-dollar/articleshow/95221397.cms" style="">Rupee gains 8 paise to 82.73 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lts-q2-net-profit-grows-23-to-2229-cr-margins-soften-on-input-cost-pressures/articleshow/95209063.cms" style="">L&amp;T’s Q2 net profit grows 23% to ₹2,229 cr, margins soften on input cost pressures</a>

RBI to launch the nation's first digital rupee pilot project for the wholesale segment today

The <keyword id="50847" type="General" weightage="50" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> on Tuesday said it will launch the first pilot for retail digital rupee (e₹-R) on December 1, 2022, in which four banks including <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword> and ICICI Bank will initially participate. On November 1, the <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> launched the first pilot in the digital rupee - wholesale segment. Announcing the operationalisation of the Central Bank Digital Currency - Retail (e₹-R) Pilot, the RBI said the pilot would cover select locations in closed user groups (CUG) comprising participating customers and merchants. "The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued," it said. It would be distributed through banks and users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones/devices. Transactions can be both Person to Person (P2P) and Person Merchant (P2M). The RBI further said the e₹-R would offer features of physical cash like trust, safety and settlement finality. "As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks," the central bank said. The pilot would initially cover four cities -- Mumbai, New Delhi, <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> and <keyword id="50863" type="General" weightage="50" keywordseo="bhubaneswar" source="Orion">Bhubaneswar</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/financial-creditors-forego-rs-790-626-cr-under-insolvency-resolution-process-care-ratings/articleshow/95850593.cms">Financial creditors forego Rs 790.626 cr under insolvency resolution process: CARE Ratings</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-81-60-against-us-dollar/articleshow/95850197.cms">Rupee gains 8 paise to 81.60 against US dollar</a>

RBI to launch pilot of retail digital rupee on Dec 1

The technology platform for providing "<keyword id="22918315" type="General" weightage="20" keywordseo="frictionless-credit" source="keywords">frictionless credit</keyword>" launched by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords">RBI</keyword>) last year as a pilot project will soon be introduced nationwide soon, said Reserve Banks of India Governor, <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> on Monday. This technology platform will be named "<keyword id="22918314" type="General" weightage="20" keywordseo="Unified-Lending-Interface" source="keywords">Unified Lending Interface</keyword> (ULI)", Das said while speaking in Bengaluru at the event of the Global Conference on Digital Public Infrastructure and Emerging Technologies. Governor Das said "Just like <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India. The 'new trinity' of JAM-UPI-ULI will be a revolutionary step forward in India's <keyword id="20018890" type="General" weightage="20" keywordseo="digital-infrastructure" source="keywords">digital infrastructure</keyword> journey." The ULI platform facilitates a seamless and consent-based flow of digital information, including even land records of various states, from multiple data service providers to lenders. The technology platform introduced last year as a pilot projects cuts down the time taken for credit appraisal, especially for small and rural borrowers. Das stated that the ULI architecture has common and standardised APIs, designed for a 'plug and play' approach to ensure digital access to information from diverse sources. "This reduces the complexity of multiple technical integrations. It enables borrowers to get the benefit of seamless delivery of credit, and quicker turnaround time without requiring extensive documentation. By digitising access to customer's financial and non-financial data that otherwise resided in disparate silos, ULI is expected to cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers," the RBI governor stated. Showing confidence in the newly launched ULI, Das said, "Just like UPI transformed the payments ecosystem, "we expect that ULI will play a similar role in transforming the lending space in India." Speaking about the success of Unified Payment Interface (UPI) Das said, "The current ecosystem of digital payments in India offers a bouquet of simple, safe, and secure options for instant or quick transfer of funds, both large and small value, for businesses and individuals." Das further stated stated that the apex bank is consistently trying to secure the financial system in the country. "We are constantly working on devising policies, approaches, systems and platforms that will make our financial sector stronger, nimble and customer-centric," Das said. Additionally, Das also highlighted that the central bank is constantly working on devising policies, systems, and platforms that will make the financial sector stronger, nimble and customer-centric. Das said that over the last decade, the traditional banking system has undergone an unprecedented technological transformation. By all indications, this process is likely to become even more intense in the coming years, he said. On the country's experience in DPI, he said, "DPI has enabled India to achieve in less than a decade levels of financial inclusion that would have otherwise taken several decades or even more" He also emphasised that UPI system has the potential to evolve into a cheaper and quicker alternative to available channels of cross-border remittances. The Governor also stressed that financial institutions should be abundantly mindful of associated risks of Artificial Intelligence.

After UPI, RBI set to launch Unified Lending Interface (ULI) for friction-less credit

In a bid to bolster the safety and security of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> and enhance regulatory frameworks, the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) unveiled a series of proposals aimed at fostering innovation, inclusivity, and efficiency in the financial ecosystem. These initiatives, announced by RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword>, signify the central bank's commitment to fortifying India's digital infrastructure and promoting a conducive environment for financial transactions. One of the key announcements made by Governor Das pertained to the establishment of a Digital Payments <keyword id="21971766" type="General" weightage="20" keywordseo="intelligence-platform" source="keywords">Intelligence Platform</keyword>. This platform, leveraging advanced technologies, aims to mitigate payment <keyword id="19898489" type="General" weightage="20" keywordseo="fraud" source="keywords">fraud</keyword> risks and enhance the safety of digital transactions. According to the annual report released by the Reserve Bank of India (RBI) on May 30, there was a significant surge in the number of financial frauds reported by banks, increasing by 166 per cent year-on-year in the financial year 2023-24 to reach 36,075 cases. This figure starkly contrasts with the 13,564 cases reported in the previous fiscal year, FY23. Despite the notable rise in the number of fraud cases, there was a substantial decrease in the total amount involved in these incidents. The amount of money associated with total bank frauds plummeted by 46.7 per cent year-on-year in the financial year 2023-24, totaling Rs 13,930 crore. In comparison, the amount recorded in FY23 stood at Rs 26,127 crore. RBI has proposed a revision of the limit of bulk deposits for Scheduled Commercial Banks (SCBs) and Small Finance Banks (SFBs). This move, aimed at enhancing flexibility and aligning with evolving market dynamics, underscores the RBI's commitment to fostering a conducive environment for the banking sector. Currently, banks have the discretion to offer differential rates of interest on bulk deposits based on their requirements and Asset-Liability Management (ALM) projections. The existing bulk deposit limit for SCBs (excluding Regional Rural Banks) and SFBs, set at 'Single Rupee term deposits of Rs 2 crore and above,' was established in 2019. However, following a comprehensive review, the RBI has proposed to revise this definition to 'Single Rupee term deposits of Rs 3 crore and above' for SCBs and SFBs. In addition to the proposed revision for SCBs and SFBs, the RBI has also suggested defining the bulk deposit limit for Local Area Banks (LABs) as 'Single Rupee term deposits of Rs 1 crore and above,' mirroring the criteria applicable to Regional Rural Banks (RRBs). RBI has also unveiled plans to rationalize export and import regulations under the Foreign Exchange Management Act (FEMA), 1999. This initiative, driven by the imperative of progressive liberalization and operational flexibility, underscores the RBI's commitment to fostering a conducive environment for international trade and investment. By eliminating redundancies, enhancing clarity, and reducing procedural complexities, the RBI aims to promote ease of doing business for all stakeholders involved in cross-border trade. The RBI aims to streamline and simplify operational procedures related to export and import transactions, thereby reducing administrative burdens and enhancing efficiency for businesses and authorized dealer banks. By aligning regulations with international best practices and market realities, the RBI seeks to create a business-friendly environment conducive to fostering trade and investment growth. Simplified regulations will facilitate smoother trade transactions, encouraging businesses to explore new markets and expand their global footprint. While promoting ease of doing business, the RBI remains committed to ensuring compliance with regulatory requirements and safeguarding the integrity of the financial system. The proposed rationalization will uphold the principles of transparency, accountability, and risk management in cross-border transactions. As part of the process, the RBI plans to publish draft regulations and directions on its official website by the end of June 2024. In a bid to enhance the convenience and efficiency of digital payments, RBI has unveiled plans to expand the e-mandate framework to include recurring payments for Fastag, National Common Mobility Card (NCMC), and similar services. This initiative, aimed at modernizing payment systems and promoting financial inclusion, underscores the RBI's commitment to fostering innovation and leveraging technology to meet evolving consumer needs. The current UPI Lite service permits customers to load their UPI Lite wallets with up to Rs 2000/- and conduct transactions of up to Rs 500 from the wallet. To enhance the seamless usage of UPI Lite for customers, and in response to feedback from various stakeholders, it is suggested to integrate UPI Lite into the e-mandate framework. This integration would introduce an auto-replenishment feature for UPI Lite wallets, automatically refilling the wallet balance when it falls below a predetermined threshold set by the customer. Since the funds remain under the customer's control (transferring from their account to the wallet), it is proposed to eliminate the need for additional authentication or pre-debit notifications. Relevant guidelines pertaining to this proposal will be issued shortly. RBI has embarked on a mission to foster innovation and transformation in the financial sector with the launch of its third edition of the global hackathon, "HARBINGER 2024 - Innovation for Transformation." It would feature two primary themes: 'Zero Financial Frauds' and 'Being Divyang Friendly.' Solutions aimed at bolstering the safety and security of digital transactions, with a specific emphasis on identifying, preventing, and combating financial frauds, will be solicited. Additionally, there will be a focus on fostering inclusivity for individuals with physical disabilities. Further details regarding the hackathon will be unveiled shortly. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank">Indian smartwatch shipments remain flat in Q1 2024, the year expected to end in a decline</a><a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank">Computex 2024: Intel Debuts Lunar Lake Chips With Focus On Microsoft’s AI Ambitions For PCs</a><a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank">May Auto Sales – Tata Motors and Hyundai continue to fight for the second spot as car sales grow by 4%</a>

RBI announces digital payments intelligence platform to check online frauds

A central bank digital currency (CBDC) can play a key role in providing access to digital payments without the requirement of a bank account and the access would be facilitated by a central bank-issued digital wallet, said industry stakeholders. The rollout of the e-rupee has been one of the most sought-after developments, since its announcement in the FY23 Union budget. Jaya <keyword id="3655832" type="General" weightage="80" keywordseo="vaidhyanathan" source="Orion">Vaidhyanathan</keyword>, CEO of BCT Digital, said that the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>'s commencement of the pilot of the digital rupee marks appreciable progress in the journey toward digital payments. "The initiative has started in the low volume, high-value wholesale (interbank) segment from where learnings would be used to roll out reliable, built-to-scale retail payments," said Vaidhyanathan. The pilot announcement involves nine banks, including the SBI, the Bank of Baroda, the HDFC Bank, the Yes Bank, the Kotak Mahindra Bank, and the ICICI Bank, settling secondary market transactions in government securities, thereby reducing settlement risk and transaction costs. "A successful pilot and by extension, a full rollout of the digital rupee is expected to boost the reach of payment and financial needs of a wider category of users while ensuring transparency and low operational cost, and in this regard, it is encouraging to witness the RBI's support for innovation in creating a world-class, future-ready digital ecosystem," Vaidhyanathan stressed. India has one of the most technologically-evolved currencies in the world, and the e-rupee will put it in the forefront of true digital payments and improve financial inclusion. "The popularity of a digital rupee backed by the RBI will help bring legitimacy to other private digital currency like crypto. While we wait for clarity on how it is implemented, it is a positive step towards the acceptance of digital currency," said <keyword id="219963" type="General" weightage="80" keywordseo="prashant-kumar" source="Orion">Prashant Kumar</keyword>, Founder and CEO at weTrade. According to Arjun Khazanchi, Co-Founder and Chief Legal and Strategy Officer at Rooba.Finance, the CBDC is an ambitious project where the government has been silently working to disrupt the financial system which has traditionally been opaque, cash dependent, and highly-inefficient. "The first use case is going to be for the secondary market transactions in government securities. This move may even boost liquidity, remove inefficient and redundant processes while reducing transaction costs. This would also enable increased transparency between the participants," Khazanchi contended. Through this, the government expects to also be able to reduce settlement risk which is one of the biggest use cases for Blockchain in financial markets. There are some fears regarding the privacy and overt control that the government may possess over the CBDCs. "However, some commentary may be over exaggerated with intent being presumed. Retail CBDC is still far away and would require a lot of education and technical training before being imposed," said Khazanchi. The CBDCs could help preserve the role of public fiat in monetary policy, securing central banks' role in protecting financial stability in their markets. It provides a public, digital alternative to cash and private digital money. According to <keyword id="181738" type="General" weightage="80" keywordseo="manish-sharma" source="Orion">Manish Sharma</keyword>, Founding Partner of Centricity Wealth Tech, the CBDCs can play a key role in providing access to digital payments without the requirement of a bank account. "Public-private partnerships will be essential to the success of a CBDC launch, enabling central banks to leverage established infrastructure and client relationships. Such alliances will help central banks implement use cases aligned with end-user needs, complementing their gaps in capabilities and knowledge of consumption habits, particularly in a retail scenario," <keyword id="445" type="General" weightage="80" keywordseo="sharma" source="Orion">Sharma</keyword> said. By engaging commercial banks and other private stakeholders (technology enablers, merchants, users) in the launch process, central banks will also foster a broader sense of ownership, manage fears of displacement, and increase the probability of successful adoption. Mahesh Shukla, CEO and Founder, PayMe India, said the RBI is further looking forward to focus on other wholesale transactions and cross-border payment, which can be projected as steps to ease the ways of financing for the general public. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/niit-acquires-us-based-st-charles-consulting-group-for-23-4-million/articleshow/95320170.cms">NIIT acquires US-based St. Charles Consulting Group for $23.4 million</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-to-hike-prices-of-passenger-vehicles-from-november-7/articleshow/95319994.cms">Tata Motors to hike prices of passenger vehicles from November 7</a>

Indian e-rupee to boost digital payments sans bank accounts, say industry stakeholders

<ul class="summary-list"><li>The non-profit <keyword id="11196189" type="UNKNOWN" weightage="60" keywordseo="digital-dollar-project">Digital Dollar Project</keyword> will launch five pilot programs to test the viability of central bank digital currencies in the next 12 months.</li><li>The initiative is backed by a partnership between Accenture and the Digital Dollar Foundation.</li><li>CBDCs are digital versions of a banknote.</li></ul>The non-profit Digital Dollar Project will launch at least five pilot programs to test the viability of a US <keyword id="6472011" type="UNKNOWN" weightage="60" keywordseo="Central-Bank-Digital-Currency">central bank digital currency</keyword>, or "digital dollar", in the next 12 months, the organization <a href="https://www.businesswire.com/news/home/20210503005330/en/Digital-Dollar-Project-to-Launch-Pilot-Programs-to-Explore-Designs-and-Uses-of-a-U.S.-Central-Bank-Digital-Currency">announced Monday</a>. The initiative - backed by a partnership between Accenture and the Digital Dollar Foundation - was created last year to look into the potential advantages of CBDCs in the US.CBDCs, digital versions of banknotes, are meant to be more instantaneous and seamless thanks to digital processing. Americans at this point can currently only hold central-bank-issued money in physical coins and notes.Among others goals, the Digital Dollar Project aims to explore, analyze and identify technical and functional requirements of <keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="CBDC">CBDC</keyword>, assess benefits and challenges, and consider potential use cases for both retail and wholesale commercial utilization. It will release its findings for use in academic study, as well as policy consideration by Congress."The US doesn't need to be first to the central bank <keyword id="1624829" type="PERSON" weightage="60" keywordseo="digital-currency">digital currency</keyword>, but it does need to be a leader in setting standards for the digital future of money," J. Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission and co-founder of the Digital Dollar Foundation, said in a statement. The <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> in 2020<a href="https://dci.mit.edu/research/2020/9/1/boston-fed-mit-partner-on-central-bank-digital-currency-research-project-by-mike-mcsweeney-for-the-block"> partnered</a> with the Massachusetts Institute of Technology to research CBDCs. The US central bank is still being cautious, though, with Fed chair Jerome Powell <a href="https://www.reuters.com/article/cenbanks-digital-usa/digital-dollar-project-to-launch-five-u-s-central-bank-digital-currency-pilots-idUSL4N2MN4LN">saying last week</a> that it is "far more important" to get it right than to do it quickly."Central bank digital currencies will play an important role in how we modernize our financial systems," David Treat, a senior managing director at Accenture, said in a statement. Treat leads the company's blockchain and multi-party systems practice globally. Accenture has made an initial investment to support the initiative's operational requirements and intends to match the funds necessary to launch the first five pilot programs. To date, a number of central banks have been exploring CBDCs spurred by the cryptocurrency momentum that has rapidly risen as of late.China is leading the race, after developing its digital currency electronic payment CBDC in 2014 and testing a pilot in 2020.Norway in April announced it will <a href="https://markets.businessinsider.com/currencies/news/norway-central-bank-digital-currency-after-4-years-research-2021-4-1030334599">start testing various solutions for a CBDC</a> as the <a href="https://www.norges-bank.no/en/news-events/news-publications/Speeches/2020/2020-11-05-bache/" target="_blank" rel="noopener">world's most cashless country</a> moves to further decrease cash transactions. The UK in the same month said it is <a href="https://markets.businessinsider.com/currencies/news/crypto-uk-bank-of-england-backed-britcoin-cryptocurrencies-btc-2021-4-1030318483?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">coordinating exploratory work on a potential CBDC</a>, dubbed "britcoin."

A non-profit will launch 5 pilot programs over the next year to test the viability of a central bank digital currency in the US

<ul class="summary-list"><li>Central banks will begin to diverge in their use of technology in 2024, the Atlantic Council said.</li><li>The US risks falling behind the EU, India, and China in the digital currency race.</li></ul>The US dollar has long been the <a href="https://www.businessinsider.com/us-dollar-war-global-fight-america-economy-dominance-reserve-currency-2023-7">dominant currency of the world</a>, but that doesn't guarantee the same will hold true as money turns increasingly digital. To Atlantic Council researchers Josh Lipsky and Ananya Kumar, the Federal Reserve is already falling behind in the technology race.Unlike the US, other world powers including China, India, Germany, Italy, and France have moved beyond the theoretical stage for central bank digital currencies (CBDC)."A lot of central banks are investing heavily in innovation, some of the largest central banks in the world, but the US position has been much more cautious on this," Lipsky told Business Insider in an interview. "But there is a risk here of falling behind, that would mean there's less US input in standard setting."Lipsky, who is the senior director of the Atlantic Council's GeoEconomics Center, said central banks around the globe are working to "future-proof" their currencies as blockchain technology, artificial intelligence, and quantum computing become more relevant — all of which, for better or worse, are poised to impact how people use money on a daily basis.India, for one, has scaled up its digital rupee project to more than one million transactions per day processed by commercial banks, and China has been <a href="https://markets.businessinsider.com/news/currencies/dollar-vs-yuan-race-china-us-central-bank-digital-currency-2022-4">running pilot tests with the eYuan</a> for several years. The European Central Bank, meanwhile, has various benchmarks for 2024 to test the digital euro with multiple member nations. The Atlantic Council further illustrated the point by noting the People's Bank of China deploys more than 300 people to its digital currency project, while the Fed commits fewer than 20.In Lipsky's view, it's a miscalculation on the part of US policymakers to forgo paving the way in these advancements."The Fed is not bringing technological solutions to the table," he said. "The miscalculation is thinking the dollar is the world's reserve currency, so there's not a need to innovate. I see that as a defensive posture, rather than a proactive one."To be sure, the US has deployed its long-awaited <a href="https://www.wsj.com/articles/pro-take-fednow-price-tag-is-more-than-half-a-billion-dollars-f103733e" target="_blank" rel="noopener">FedNow</a> program, an interbank settlement system. But even that took years longer than similar projects overseas, and has debuted to limited fanfare. Experts warn it could take years more to become widely adopted. <h3>A fractured future of money</h3>New alternative financial systems are springing up across the world, including in China, that allow efficient cross-border transactions, though the US hasn't emerged as a key player in the space, let alone a leader. These projects take time to build and implement, Lipsky said, but once activated, the innovation and progress could be extremely quick.If the US doesn't emerge as an innovator, the Fed and US dollar could see its standing on the world stage diminish via trade, reserves, and sanctions strength, according to the Atlantic Council."The end-result of less Fed engagement here will be a fractured payment landscape," Lipsky said. "Different models will proliferate from different countries, and that will create more friction. You could have a system that is less efficient and less secure. There won't be a unification of the payment system globally, and that's a US disadvantage."

The Fed's lack of innovation with the dollar means China, India, and others will dominate the digital currency race

<ul class="summary-list"><li>The shipping industry is thought to be behind on its goal of using 5% zero-emission fuels by 2030.</li><li>Autonomous and AI systems could help reduce ships' fuel use.</li><li>Tech initiatives such as data sharing and route optimization can help cut emissions and costs.</li></ul>The object you're holding or the shirt you're wearing has most likely once been on a boat. Most of the goods we use have touched an industry thought to be responsible for <a target="_blank" href="https://oecdstatistics.blog/2023/06/15/new-estimates-provide-insights-on-co2-emissions-from-global-shipping/#:~:text=In%202022%2C%20there%20were%20an,companies%20based%20in%20OECD%20countries.">858 million metric tons</a> of carbon-dioxide emissions last year: maritime shipping.The International Maritime Organization has committed to reaching <a target="_blank" href="https://www.imo.org/en/MediaCentre/HotTopics/Pages/Cutting-GHG-emissions.aspx">net-zero emissions by 2050</a>. But a recent analysis suggests the industry is <a target="_blank" href="https://cms.globalmaritimeforum.org/wp-content/uploads/2023/10/GTZ_ClimateActionInShipping2023.pdf">struggling</a> to take steps toward that goal, including using zero-emission options for 5% of its fuels by 2030.The shipping giant AP Moller-Maersk and its parent company, AP Moller Holding, this year <a target="_blank" href="https://www.c2xglobal.com/news/c2x-to-build-large-scale-green-methanol-production-for-multiple-industries/">founded a subsidiary</a> for green-methanol production. But sources of green methanol are limited, and even <a target="_blank" href="https://www.nytimes.com/2023/10/30/business/economy/shipping-climate-change-green-fuel.html?login=email&amp;auth=login-email">Maersk's CEO</a> has said methanol won't be a silver bullet for the industry.In addition to using biofuels and green methanol, Maersk is also relying on software to help it reduce emissions. The company told Business Insider it had grown its IT department to almost 6,000 software engineers from fewer than 2,000 in four years, largely to scale up its customer-facing logistics platforms, streamline its ship operations, and reach its sustainability goals.A representative for Maersk said strategies to make the company's ships sail more efficiently are part of Maersk's calculation for reaching net zero.As progress toward getting zero-emission fuels aboard lags, engineers and startups working with digital technology are hoping to fill the gap.<h2>Autonomous tech and AI can help streamline sailing and cut fuel costs</h2>Over the past decade, startups across the world have started tackling autonomous shipping. Companies such as <a target="_blank" href="https://unleash-future-boats.com/">Unleash Future Boats</a> and <a target="_blank" href="https://seafar.eu/">Seafar</a> are working on unmanned waterborne trucks operating in ports and partially or fully remote-controlled ships operating along rivers and coasts.Michael Johnson, a marine engineer who was formerly an executive at companies including Crowley Maritime, said he founded <a target="_blank" href="https://sea-machines.com/">Sea Machines Robotics</a> in 2016 after realizing the industry needed to push beyond the manual technologies of the 20th century."The only time the maritime industry is ever on the front page of a paper is when there's an accident. But there's much more to us than that," Johnson, who's also Sea Machines' CEO, told BI.<div type="image" title="Headshot of Michael Johnson" height="540" width="720" msid="105636227" hostid="261" sizebytes="15560"></div>Sea Machines has raised more than $40 million so far to develop products including an AI-based computer vision sensor for ships. It also aims to give boats a self-pilot option via an autonomous control system.Sea Machines has its autonomous control systems integrated in smaller workboats, and Johnson said it plans to introduce them to larger fleets in 2024.<div type="image" title="A person sits and looks at the Sea Machines Robotics' AI-based computer vision sensor for ships." height="1667" width="2500" msid="105636228" hostid="261" sizebytes="175370"></div>Johnson said he saw that decarbonization was not only a bonus of Sea Machines' technology but its best value proposition.He said that because Sea Machines' system is directly connected to a ship's propulsion system, it can control fuel use better than a human operator could. Recent research suggests <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.sciencedirect.com/science/article/pii/S0029801823008041">next-generation autonomous ships</a> could help cut carbon emissions by about 10%.<div type="image" title="A control room team in the US monitors (and celebrates) the progress of a workboat traveling around Denmark using Sea Machines Robotics' autonomous self-piloting system." height="1300" width="2135" msid="105636229" hostid="261" sizebytes="101112"></div>"When you're burning a hundred tons of fuel a day that costs $650 a ton, it's significant savings," Johnson said.In a market where biofuels and synthetic fuels can cost <a target="_blank" href="https://www.iea.org/data-and-statistics/charts/indicative-shipping-fuel-cost-ranges">at least twice as much</a> as fossil fuels, Johnson said he hopes that fuel savings from autonomy can help encourage the uptake of zero-emission fuels required by the industry's net-zero ambitions.<h2>New control systems and interfaces can help crews optimize operations</h2>For an industry with over <a target="_blank" href="https://unctad.org/system/files/official-document/rmt2022ch2_en.pdf">100,000 vessels</a>, decarbonization will take effort from a variety of companies and technologies. These companies are primarily exploring green energy from ammonia, nuclear reactions, and wind, as well as technology like AI-powered <a target="_blank" href="https://www.deepsea.ai/">route-optimization software</a>.As more technologies are introduced, a ship's operator has to take in more information and act on it. Johnson said an autonomous system could help manage the output from optimization apps and alleviate information overload."It's much like what you see in the very efficient distribution networks like Amazon distribution network, where they've tied their robots to their logistics software, enabling an immense amount of productivity," Johnson said. "I think we can do that on the oceans as well."A startup called <a target="_blank" href="https://smart-ship.eu/">Smart-Ship</a> is taking a similar approach. Rather than automating certain parts of the voyage, Smart-Ship aims to recommend the safest or most efficient controls for an operator to use at a given moment.Smart-Ship offers what's called a force-feedback lever — essentially a high-tech version of the joysticks that control a ship's throttle, thrust, and rotation. The company has sold a little over 100 of them so far.<div type="image" title="Smart-Ship's force-feedback lever." height="1505" width="1911" msid="105636230" hostid="261" sizebytes="83302"></div>While traditional levers are static, Smart-Ship's version is designed to use subtle movements or resistance to signal to an operator to reduce throttle when approaching an object, steer away when approaching shallow water, or change speed when there's an option to use fuel more efficiently."People really need to rethink the way they're sailing ships," said Jelle Tiemensma, Smart-Ship's cofounder and chief technology officer.<div type="image" title="Headshot of Jelle Tiemensma" height="1856" width="2475" msid="105636231" hostid="261" sizebytes="89334"></div>While these companies don't imagine that large ships will be fully unmanned anytime soon, they're betting that advanced software and intuitive interfaces can help crew members sail more sustainably.<h2>The industry needs more collaboration and digital connectivity</h2>Sofia Fürstenberg Stott, a sustainability consultant for industry stakeholders such as ship owners, manufacturers, and insurance companies, said that so far the industry's sustainability projects have been small-scale, like pilot programs for new maritime tech."We are not yet in the scale-up phase where we have established the business models and the new working environment," Stott said.<div type="image" title="Sofia Fürstenberg Stott headshot" height="2449" width="2279" msid="105636334" hostid="261" sizebytes="457956"></div>To move beyond that, Stott said, companies need to come together to create a plan like the <a target="_blank" href="https://www.sustainableshipping.org/roadmap/">Sustainable Shipping Initiative's Roadmap</a> to prod them to actually take steps toward net-zero emissions by 2050."That benefit may not be a benefit that you can count in dollars next year, or even five years from now," Stott said. "But it's about staying sustainable for the long term."Mikael Lind, a research advisor specializing in maritime informatics at the Research Institutes of Sweden, said one of the shipping industry's obstacles to decarbonization is a lack of digital connectivity."We need to understand the deviation between plan and the actual outcome," Lind said. "In the aviation sector, this is rather simple, because if you're up in the air you have flight trackers and you know that the plane needs to be down on the ground pretty soon, otherwise it would crash."<div type="image" title="Headshot of Mikael Lind" height="3292" width="2996" msid="105636335" hostid="261" sizebytes="505822"></div>But with boats, data isn't always available for cargo owners to track their shipments. Storms or alternate routes can cause multiday delays. And when ships arrive at a busy port, they may need to idle for days to wait for an open spot to unload.Lind and his team are working with industry partners like the port operator PSA International to pilot a data-sharing initiative called <a target="_blank" href="https://virtualwatchtower.org/">virtual watchtowers</a> to better keep an eye on disruptions in the supply chain.And the industry is working on logistics technologies to help achieve so-called <a target="_blank" href="https://greenvoyage2050.imo.org/wp-content/uploads/2021/01/GIA-just-in-time-hires.pdf">just-in-time arrivals</a>. By slightly slowing their routes in order to arrive at a port only when there's an open spot, <a target="_blank" href="https://maritime-executive.com/editorials/partnering-towards-zero-emissions-shipping-playbook-part-4">ships could cut their annual emissions</a>.In an industry <a target="_blank" href="https://www.energymonitor.ai/sectors/transport/net-zero-shipping-where-theres-a-will/?cf-view">struggling</a> to gather the biofuels it needs to keep pace with its decarbonization goals, shippers will need to embrace any emissions-saving technologies they can to reach net zero."There's a lot of focus on how can you utilize existing technologies, existing ship infrastructure, in order to get to a point where you're much more carbon-emission free?" Lind said. "And this is super complex."

AI, autonomous systems, and digital connectivity could help ships cut emissions

With <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) Monetary Policy Committee (<keyword id="6369693" type="General" weightage="50" keywordseo="mpc" source="Orion">MPC</keyword>) set to meet to decide on the policy rate revision, industry lobby body <keyword id="6355988" type="General" weightage="100" keywordseo="assocham" source="Orion">ASSOCHAM</keyword> has urged the former for a moderate hike. ASSOCHAM has also requested the RBI to treat retail loans for purchase of electric vehicle (EV) as priority sector lending. According to ASSOCHAM, the interest rate hike should be moderate so that the rising cost of borrowing does not have an adverse and disproportionate impact on the nascent economic recovery post the pandemic. At most, the new rate hike should not exceed the 25-35 basis points (bps) band, ASSOCHAM said in a letter to RBI Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword>, along with highlighting other issues facing the industry. One of the key recommendations advanced by ASSOCHAM is to treat retail loans for purchase of EVs as priority sector lending, with a concessional rate of interest. "Retail advances against EVs may be included under priority sector lending. This may help in catalysing India's EV story," ASSOCHAM Secretary General Deepak Sood said. As regards increasing cost of borrowing, the chamber said that the recovery in the Indian economy is quite noticeable, especially in the backdrop of the global head winds. However, it is still in the nascent stage and needs to be supported. "Signs of inflation peaking are visible when it comes to the domest ic economy. Even in the developed markets, early indications of inflation peaking are visible, thus setting a stage for the RBI-MPC to move towards halting the rate hike cycle," Sood said. In another suggestion, the chamber said RBI may consider a special window of borrowing for IREDA at repo rate, to ensure availability of low-cost funds for renewable projects. In a unique proposition, ASSOCHAM urged the central bank to consider a time bound approach for getting all banks under Account Aggregator (AA) framework. The framework helps an individual to access and share information from one financial institution to any other in the AA network securely and digitally. Other financial institutions, regulated by SEBI/IRDAI may be encouraged to join the framework as information providers and information users. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rupee-at-80-against-the-usd-a-possibility-say-analysts-as-us-fed-hints-at-slower-rate-hikes/articleshow/95940818.cms">Rupee may hit 80/$ aided by trifecta of softer rates, cooling crude and stronger macros, say analysts</a> <a href="https://www.businessinsider.in/business/corporates/news/globalbees-to-cred-and-two-adani-group-companies-companies-which-command-high-valuations-with-low-revenues/articleshow/95929044.cms">The curious case of companies which command high valuations with low revenues</a> <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-announces-price-hike-from-january-2023/articleshow/95941950.cms">Maruti Suzuki cars will get costlier from January 2023</a>

ASSOCHAM urges RBI not to hike repo rate beyond 25-35 bps

<ul><li><keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword>’s <keyword id="1624829" type="PERSON" weightage="20" keywordseo="digital-currency">digital currency</keyword> ‘<keyword id="1766708" type="COMPANY" weightage="20" keywordseo="diem">Diem</keyword>’ reportedly ready for testing starting 2021. </li><li>The currency is said to be rolled out on a small scale during the pilot phase. </li><li>The social media giant initiated its plan to launch a digital currency in 2019 but had to drop it due to global backlash.</li></ul>Facebook might flag off a trial of its currently halted digital currency project by the end of this year, as per CNBC. The currency, formerly known as <keyword id="753953" type="LOCATION" weightage="20" keywordseo="Libra">Libra</keyword>, was <a href="https://www.businessinsider.com/facebook-backed-digital-coin-libra-renamed-diem-in-quest-for-approval-2020-12?IR=T">renamed Diem</a> in December 2020, after receiving <a href="https://www.businessinsider.com/libra-facebook-crypto-already-facing-backlash-2019-6?IR=T">backlash</a> from regulators and the general public. <a href="https://www.cnbc.com/2021/04/20/facebook-backed-diem-aims-to-launch-digital-currency-pilot-in-2021.html">CNBC reported</a>, quoting a source it did not name, that Diem Association, the Switzerland-based body that oversees Diem's development is planning to launch a pilot with a single <a href="https://www.businessinsider.in/stock-market/the-crypto-world-is-going-wild-for-stablecoins-heres-everything-you-need-to-know-about-them/articleshow/66014174.cms">stablecoin</a> pegged to the USD in 2021. Diem is an independent group organised by Facebook, with other association members including Andreessen Horowitz, Coinbase, Spotify, Lyft and Uber. The person, quoted by CNBC, also says this pilot will be rolled out on a small scale focusing on transactions between individual consumers. There could be an option to let users buy goods. However, the details about the launch date are still scarce. From Libra to Diem: What exactly happened? The social media giant first announced the plans about its digital currency in June 2019 but was served with immediate outrage from people around the world and from the government concerned about the company's monopoly in the world's largest currencies. Facebook's initial plan with Libra was to build a global financial system that could be used by anyone from any corner of the world, but things weren't as easy as they sounded. This was called a rushed approach that could complicate things on a larger scale, which Facebook has become known for. Then Facebook came up with Libra 2.0 with a toned-down, regulatory-friendly digital financial network. Facebook initially planned to launch its digital currency in 2020, which didn't take off after a wave of bad publicity. After Libra digital currency debuted, it drew massive backlash from policymakers, regulators and common people concerning the possible disruption of the financial system, potential money laundering risk and devaluation of authorised currencies like the US Dollar. On top of that, going by Facebook's track record, user privacy was also one of the concerns. The group working on the currency project lost major partners like Visa and Mastercard due to opposition from regulators. It eventually narrowed down the plan to opt for multiple "stablecoins". But it seems like the company is now preparing to set its foot with utmost caution this time, with the new name.

Facebook to start pilot runs for its digital currency ‘Diem’ this year, says report

<ul class="summary-list"><li>The Indian government will roll out a digital currency over the coming year, the finance minister said. </li><li>India previously suggested banning <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>, but now plans to regulate and <keyword id="12148805" type="UNKNOWN" weightage="60" keywordseo="tax" source="Orion">tax</keyword> it, the minister said.</li><li>India is a major digital trading hub, with an estimated 15 to 20 million crypto investors.</li></ul>India appears to be warming up to cryptocurrencies, with an announcement by the finance minister on Tuesday of plans for a digital currency rolled out by the central bank, along with a framework to regulate and tax crypto assets.Finance minister Nirmala Sitharaman, as part of her annual budget speech, said the central bank would aim to roll out a digital rupee in the coming fiscal year. This marks a major U-turn for the government, which had signaled it <a href="https://www.businessinsider.com/crypto-investing-india-ban-bitcoin-retail-investors-kimchi-premium-cbdc-2021-11?utm_medium=ingest&amp;utm_source=markets&amp;r=US&amp;IR=T">could ban cryptocurrencies</a> outright, until the upper house of parliament <a href="https://markets.businessinsider.com/news/currencies/crypto-ban-india-regulate-bill-fines-sebi-cryptocurrency-digital-asset-2021-12">clarified</a> that digital assets should be kept on exchanges and monitored correctly by a market regulator."The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system," Sitharaman said.According to its budget plans, the government will impose a 30% tax on income from cryptocurrencies and other digital assets, as well as apply a 1% tax deduction at source on payments related to purchasing such assets.Central bank digital currencies (CBDCs) offer a centralized, official alternative to pure cryptocurrencies. Major central banks, such as the Federal Reserve, the Bank of England and the European Central Bank are all looking into developing their own digital currencies.But it is the emerging economies where progress is actually happening. China already has a <a href="https://markets.businessinsider.com/news/currencies/china-digital-yuan-years-ahead-in-development-cbdc-cryptocurrencies-chainalysis-2021-8">digital yuan</a> in circulation through various pilot programs, putting it several years ahead of G7 central banks in this respect. The effect of India creating an official digital currency, along with a framework for crypto trading and investment could be significant. The <a href="https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/">2021 Global Crypto Market Adoption Index</a> from <keyword id="11902141" type="UNKNOWN" weightage="60" keywordseo="chainalysis" source="Orion">Chainalysis</keyword> <a href="https://markets.businessinsider.com/news/currencies/asia-global-cryptocurrency-adoption-retail-investors-india-pakistan-vietnam-2021-8">showed</a> Asia is leading the way in global crypto adoption and India is second only to Vietnam. It is estimated that there are between 15 and 20 million <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> investors in the country.Cryptocurrency <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> were up slightly on Tuesday, gaining some respite from the almost-unbroken pressure during January, when investors booked profits on some of 2021's big winners. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> posted gains of 4% and 9% over the past 24 hours respectively, according to CoinMarketCap. Read more: <a href="https://www.businessinsider.com/bitcoin-price-bear-market-bull-run-experts-reveal-things-watch-2022-1?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">'Hodlers' last stand': Crypto experts at a major exchange say bitcoin and ethereum can still avoid a bear market. Here are the 4 key things they say you need to watch to figure out what's next</a>

You Searched For "digital rupee pilot project" and got 11 results

RBI to launch the nation's first digital rupee pilot project for the wholesale segment today

IANS

RBI to launch pilot of retail digital rupee on Dec 1

PTI

After UPI, RBI set to launch Unified Lending Interface (ULI) for friction-less credit

ANI

RBI announces digital payments intelligence platform to check online frauds

ANI

Indian e-rupee to boost digital payments sans bank accounts, say industry stakeholders

IANS

A non-profit will launch 5 pilot programs over the next year to test the viability of a central bank digital currency in the US

Isabelle Lee

The Fed's lack of innovation with the dollar means China, India, and others will dominate the digital currency race

Phil Rosen

AI, autonomous systems, and digital connectivity could help ships cut emissions

Amanda Paule

ASSOCHAM urges RBI not to hike repo rate beyond 25-35 bps

IANS

Facebook to start pilot runs for its digital currency ‘Diem’ this year, says report

Sudhanshu Singh

India will launch a digital rupee in the next year and plans a 30% tax on crypto-related income, according to the finance minister

Adam Morgan McCarthy

Popular Keywords

Buying Guides