New Delhi. The Reserve Bank of India (RBI) has proposed to the government to bring digital currency to India. The Reserve Bank of India has proposed to the government to amend its 1934 Act to introduce the central bank digital currency.The Reserve Bank's proposal seeks to broaden the definition of banknotes. The central bank has recommended accepting currency digitally. 

The Reserve Bank has been preparing for a long time to move the central bank forward in a phased manner without any hindrance. It is believed that there will be many benefits after the introduction of digital currency by the central bank. This will not only reduce the dependence on cash but also promote transparency, create digital currency, save the government from the cost of printing cash and reduce the risk.