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The Long Road To A Cashless Society: Will Central Bank Digital Currency Finally Get Us There?

Summary:
This week, Ahmedabad Universty’s Conversation Series speaks to Mr. B Sambamurthy. Mr Sambamurthy has worn several hats from a banker to a policymaker and now a writer on banking and payment topics. He is one of the key persons who has shaped digital payments in India. He will speaking on the following topic: “The Long Road To A Cashless Society: Will Central Bank Digital Currency Finally Get Us There?” Cashless Society, like the Paperless Office and the Driverless Car, has been that mythical promised land – always slightly out of reach; always just a ‘few years away’. Will we continue to chase this dream, or are we finally getting there: to a world of digital payments and an official digital currency, Central Bank Digital Currency? Digital payments have seen a rise lately, as many

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This week, Ahmedabad Universty’s Conversation Series speaks to Mr. B Sambamurthy. Mr Sambamurthy has worn several hats from a banker to a policymaker and now a writer on banking and payment topics. He is one of the key persons who has shaped digital payments in India.

He will speaking on the following topic: “The Long Road To A Cashless Society: Will Central Bank Digital Currency Finally Get Us There?”

Cashless Society, like the Paperless Office and the Driverless Car, has been that mythical promised land – always slightly out of reach; always just a ‘few years away’. Will we continue to chase this dream, or are we finally getting there: to a world of digital payments and an official digital currency, Central Bank Digital Currency?

Digital payments have seen a rise lately, as many people have begun to pay digitally rather than by cash. COVID-19, the catalyst of all trends, has speeded up this transition to digital payments, as many people now avoid banknotes for fear of the virus. In India, unlike many countries, digital payments have been largely pushed by the government, rather than demanded by the people. What can accelerate adoption at the people level?

In this conversation, the speakers will look at the history, the present situation, and the likely future of digital payments in India. They will discuss the policies needed from the government and the Reserve Bank of India to push digital payments. Will the issuance of a CBDC from the RBI finally take us to the promised land?

Those interested, can register here.

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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