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RBI cancels Plastic Note Plan

Published on April 17, 2022
Current Context: The Central Bank has decided not to go with the continuation of Plastic Note.
RBI cancels Plastic Note Plan
  • Polymer at high temperatures is reactive, thus in a tropical country like India, Provision for the Plastic note would not be a successful experiment.
  • Owing to the high volume of UPI transactions, as reported by the National Payment Corporation of India (NPCI), the relevance of having plastic currency ceases to exist.
  • The Central Bank also plans to launch the CBDC (Central Bank Digital Currency ) as announced in the Budget 2022 speech of the Honourable Finance Minister.

Question:

Q.1 What does CBDC Stand for?
a. Central Bank Digital Currency
b. Central Bank Digital Conference
c. Central Board of Direct Tax Code
d. Central Board of Data Centers

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