Union Budget 2022-23 updates on Banking and Finance

Union Budget 2022-23 updates on Banking and Finance

The Finance Minister made the following announcements regarding the banking and finance sector-

Introduction of digital rupee

The RBI has been charged with the task of using blockchain and other technology to bring out a digital currency in the FY 2022-23.

CGTMSE Scheme revamp

An additional infusion of 2 lakh crore in the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to assist the MSMEs impacted by the pandemic and help them generate more jobs.

Digital Banking by Post Offices

The Finance Minister has announced the inclusion of 1.5 lakh post offices under the core banking system. This will enable the account holders to access accounts through net banking, mobile banking, ATMs and also avail the facility of online transfer of funds.

75 Digital Banking Units of scheduled commercial banks in 75 districts

On the occasion of the 75th year of independence, the government has announced the setting up of 75 digital banking units of scheduled commercial banks in 75 districts. This initiative will help digital banking penetrate deeper into the country.

Under the Insolvency and Bankruptcy Code (IBC), the exit timeline has been reduced from 2 years to 6 months.

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