Article link:
Odisha
launches Subhadra Yojana; first direct transfer scheme using digital rupee
Extract from the article:
In a significant move, Odisha has introduced
the Subhadra Yojana, marking the first direct transfer scheme utilizing digital
rupee.
This scheme, powered by Central Bank Digital
Currency, aims to offer beneficiaries an annual sum of Rs 10,000 in digital
rupees. These digital funds can be conveniently spent through UPI QR codes,
revolutionizing the way welfare benefits are disbursed in the region.
This initiative not only simplifies the
distribution process but also promotes financial inclusion by leveraging
digital technology to ensure seamless and transparent transactions.
By embracing the digital rupee for disbursing
welfare benefits, Odisha sets a pioneering example for other states to follow,
emphasizing the transformative potential of digital currencies for social
welfare programs.
My Take:
Digital
Provident Fund: An Unparalleled Opportunity
"Reflecting on the implementation of
digital payment schemes like Digi-dhan Vyapar Yojana and Lucky Grahak Yojana in
the past, it's evident that leveraging digital platforms for financial
transactions yields multifaceted benefits.
The recent launch of Subhadra Yojana in
Odisha, utilizing digital rupee, echoes the essence of promoting digital
payment ecosystems for streamlined benefit transfers. The integration of UPI QR
codes for expenditure under Subhadra Yojana underscores the versatility and
convenience that digital currencies bring to the welfare landscape."
e-Rupee
or IndiaBit: a Rose by Any Other Name?
"Exploring the concept note of RBI's
Central Bank Digital Currency (CBDC) and its resemblance to digital rupee, the
recent launch of Subhadra Yojana in Odisha accentuates the practical
application of such digital currencies in real-world scenarios.
By introducing a direct transfer scheme using
digital rupee, Odisha not only demonstrates a progressive outlook towards
financial inclusion but also sets the stage for widespread adoption of digital
currencies in government welfare programs.
The strides taken by Odisha echo the
transformative potential of CBDCs like e-Rupee in reshaping the socio-economic
landscape."
Call to Action:
To policymakers and authorities overseeing
welfare schemes, I urge you to take inspiration from Odisha's Subhadra Yojana
and consider integrating digital currency mechanisms into benefit transfer
programs.
Embracing digital rupee and similar
innovations can enhance efficiency, transparency, and accessibility in welfare
disbursements, ultimately benefiting the recipients and fostering financial
inclusion on a broader scale.
With regards,
www.HemenParekh.ai /
14 Dec 2024
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