India Launches 75 New Digital Banks – New Digital Banks In India

India Launches 75 New Digital Banks: The Modi government has repeatedly hinted at reforming the traditional banking system as not modern enough. Banks no longer offer attractive interest rates. So the government wants people to move towards mutual funds. For a long time, the government has wanted digital banks to replace bank branches in the economy. Similarly, the government is desperate to modernize the monetary system operating in the Indian banking system.

India Launches 75 New Digital Banks

India Launches 75 New Digital Banks

So this time digital banks and digital currency are coming together. This was also announced in the budget on Tuesday. The Reserve Bank of India will launch its own digital currency in 2022-23. The name will be given by the Reserve Bank soon. Similarly, 75 New Digital Banks In India are Coming.

The government is giving more emphasis on digital exchange as the driving force of the economy. 30 percent tax on digital assets. Charges have also been mentioned.

But not only the economy. This time education will also be digital. The Center will also launch a digital university in the next financial year in talks with the state governments. Incidentally, Kerala has already introduced the concept of a digital university.

With more than two hundred digital TV channels, the Lanning app will be launched. Through which the students will study. That is, what was mandatory at the time of Karana, and now it is going to be the normal process. India is moving more and more away from the ancient system of offline education by going schools and colleges to online education. Officially launching digital university.

The budget has announced the launch of a digital payment ecosystem for financial transactions. Finance Minister Nirmala Sitharaman said more digital payment platforms will be introduced to achieve this target. A project has been taken up for the digital preservation of land records. States will also be given Unit Land Parcel Identification Number for this purpose. Not only in English or Hindi. Digital land records will also be made in regional languages ​​included in the Eighth Schedule, the budget said. In fact, coordination is being developed between government banks and post offices across the country to move the banking system to digital technology.

What are digital assets?

What are digital assets

In short, cryptocurrency is virtual currency held by an individual or organization. That is digital currencies like Bitcoin, Ethereum, and Binance Coin. This is what is called virtual digital assets in the budget.

What is cryptocurrency?

What is cryptocurrency

Token currency. Invisible and extremely secure. Hence its name ‘Cryptocurrency’. Used for online shopping Thus digital currency. Cryptocurrencies like Bitcoin can be bought and sold in the blockchain system in exchange for conventional currencies of different countries. Can be stored in an online wallet.

What is Blockchain?

Blockchain is a peer-to-peer cryptocurrency (buyers, sellers, and servers connected in a network)
An important part of the payment system. Let’s say a gentleman sends money to his father through conventional banking services. In this case, the gentleman is the first party and his father is the second party. The banking system on the other hand is the third party. That is, the bank provides all the infrastructure needed for money transactions. This banking system is a blockchain digital, decentralized public ledger.

Now that gentleman will send money to 10 friends. They can connect with each other and transact money through one or the other. This medium or platform is Blockchain’s open ledger or open transaction account. Since everyone is connected here, everyone knows the details of the transaction. Now if someone claims to have sent 1000 rupees by sending 100 rupees? For this, the entire transaction system has to be verified. Those who do this verification work are called miners. Since every transaction in this system is conducted in the form of a chain, hence the name Blockchain

Where is the tax?

The Center is going to impose a 30 percent tax on the income from the sale or acquisition of these virtual or digital assets. However, there is no tax to be paid if the investment or sale is liquidated.

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