India’s inflation might be going down in the next few months, and the government has been looking into how cryptocurrency might affect the economy, Reuters reported.
Ajay Seth, the economic affairs secretary, has posited that there’s a need for a “global consensus” on cryptocurrencies, with India looking into regulations on other countries before deciding how it would reply.
The government, in its annual budget, said it planned to tax gains on crypto investment at 30%, though the country hasn’t given the measure legal status yet.
India, like many other countries globally, has been updating its models of doing business for the new digital age, which the pandemic has ushered in with more quickness.
The Central Bank of India, for example, has been seeking a consultant to develop a digital “bank within a bank” according to reports.
Read more: Central Bank of India Plans Digital ‘Bank Within Bank’
The bank’s leaders, according to a report, have envisioned “end-to-end digitization,” which a consultant looking into “gap analysis,” along with identifying and refining the business model and customer experience journeys in various sectors like retail, agriculture, medium- and small-sized industries, corporate collection management and more.
The wealth management work is likely to focus on insurance products, mutual funds and online share trading.
The RFP for the services have said one goal is to build a universal app to let “hyper personalization” for customers, digitizing the existing payment services to help with transactions.
According to the company, this will include digital marketing of products and services.
The company said it thinks digital transformation will add to growth in revenue, income streams and market shares, and that the digital systems will work on things like “efficient handling of payments and receipts, fund transfers (NEFT, RTGS, IMPS), UPI, Cent BHIM, Bank’s Credit card and Debit Card etc.”
The report notes that the contract was expected to last two years.
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