RBI warns of digitalisation risks while highlighting opportunities for India's digital economy growth.
The Reserve Bank of India (RBI) warns of potential risks from digitalisation, including impulsive spending, herd behavior, and data breaches, but sees vast opportunities for India's digital economy to grow, reducing remittance costs, boosting e-commerce, and driving advancements in financial markets. India's digital economy is expected to reach 20% of the country's GDP by 2026. While digitalisation offers numerous benefits, it also presents challenges such as cybersecurity risks, financial frauds, and customer protection issues that need to be addressed to fully realise its potential.
July 29, 2024
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