Suddenly, a message flashed on the mobile while sleeping and whoever read it fell asleep. This  was not a general information but an  urgent alert  issued by  the country's largest government bank, Punjab National Bank (PNB) . This alert describes something that could directly affect the day-to-day transactions of millions of customers. With this digital initiative of the bank, the way of keeping money is going to change. After all, what is in this notice, and why is everyone talking about this message? Know the full news In this message, the bank has tried to explain the use of digital currency i.e. Digital Rupee (CBDC) and its benefits to the customers. The special thing is that this digital rupee has been issued by the Reserve Bank of India and now it can be used through the PNB wallet.

What is special about the message?

This message from PNB encourages customers towards digital transactions. It states that—

• Digital currency is completely safe and transparent
• It can be stored and transferred in a digital wallet
• There is no need to keep cash, which can avoid theft and mishandling of cash
• A complete record of transactions is maintained, making tracking easy
• Transferring it is fast and secure
• There will also be huge savings in the printing of physical currency of the country

What is digital currency?

Digital currency is a type of legal currency that exists only in electronic form. It has no physical form i.e. notes or coins. In India it is called CBDC (Central Bank Digital Currency) and it is issued only by the Reserve Bank of India (RBI).

The way we make payments today through UPI, net banking or cards, digital rupee also works, the only difference is that it is directly linked to the central bank.

How does digital rupee work?

1. Digital Wallet Need:
2. To use digital currency you must have a digital wallet. PNB is providing this wallet.
3. Use in shops and transactions:
4. If you buy something from a shop then it is necessary to have a digital wallet there too. Transactions are done entirely electronically.
5. Fast and reliable transfer:
6. Cash or check is no longer needed to send money to someone, money can be transferred in a few seconds with just a digital wallet.

Why was this message sent to PNB customers?

PNB has sent this message to customers who have accounts in any branch of the bank. The bank aims to move people towards digital currency and reduce dependence on cash. This message is spreading rapidly across the country and people want to know what digital money is, how it will be obtained and how it will be used.

Why is digital currency necessary?

• Payment systems of the future: The whole world is going digital and India doesn't want to be left behind
• Curb on black money: Every transaction is recorded, thereby preventing illegal transactions
• Safe Economy: This currency will also avoid problems like fake notes
• Central Government Support: It is being promoted under the Digital India campaign

What are the benefits of digital currency?

Benefits Description

No need for cash No worries about theft or loss

Fast transaction Transfer money in seconds

Transparency A record of every transaction

Savings The cost of physical note printing will be saved

The country's economy is strong Digital tracking helps in making government policies

What should you do if you receive a message?

If you are a PNB customer and you have received a message related to digital currency, then don't panic. Go to the bank's official website or branch, get complete information and create a digital wallet. Make sure you don't click on any fake app or link. Use digital currency related services only from platforms authorized by the bank.

PC:Punjab Kesari