Payment Systems — Mains Questions

Evaluate the impact of UPI and other payment systems on financial inclusion and monetary policy transmission in India. (250 words, 15 marks)

Discuss the regulatory framework governing payment systems in India, highlighting the role of the Reserve Bank of India (RBI) and the challenges it faces in balancing innovation with security. (250 words, 15 marks)

Examine the potential benefits and risks associated with the introduction of a Central Bank Digital Currency (CBDC) in India. How does it differ from existing digital payment systems and cryptocurrencies? (250 words, 15 marks)