PNB’s digital initiative: Now there is no need to keep cash, transactions will be done with digital currency

Punjab National Bank (PNB) has started a new initiative to make its customers aware about digital currency. Through the messages being sent by the bank, customers are being told that now there is no need to keep cash with them. For this, the bank is providing a digital wallet, in which customers can keep digital rupee (CBDC) safe.

Benefits will be available if you have an account in PNB

If you have an account in Punjab National Bank, then you may have received this information in the form of a message. In this message, information is being given related to digital currency, which is issued by the Reserve Bank of India (RBI). It is called Central Bank Digital Currency (CBDC) or Digital Rupee. This currency is completely in electronic format – it has neither paper notes nor metal coins.

Digital Rupee works the same as traditional currency, but it can only be used on digital platforms.

Digital Rupee can be kept only in digital wallet

Digital Rupee can be kept and transferred only through digital wallet. If you make a purchase from a shop, then payment is possible only when the shopkeeper also has a digital wallet. Similarly, if you want to send this currency to another person, then he must also have this wallet.

At present, PNB is making this digital wallet service available to its customers, so that they can use digital currency easily.

What has PNB said in its message?

In the message sent by Punjab National Bank, it has been told that this digital rupee is as safe and reliable as physical rupee. It is a modern and transparent payment medium, through which customers can transact without cash.

The bank says that through this medium the transaction is fast, secure and traceable. The entire record of the transaction is preserved in digital form, which also reduces the possibility of any kind of fraud in future.

What is the benefit of digital currency to the country?

While adopting digital rupee will free the customers from the hassle of keeping cash, it will also reduce the cost of printing physical notes at the national level. This will save costs for the government and give a digital direction to the economy.

This step is not only convenient for the customers but will also help the country move rapidly towards a digital payment system.