This raises the concern of universal accessibility and whether central banks’ settlement accounts should remain available for a limited set of entities, namely banks, or more widely accessed by individuals? Beyond these types of decisions, the consensus by the major central banks that have tested these operations is that distributed ledger technology is not yet mature enough for current adoption.
This was all made possible because of public spending under National Rural Employment Guarantee Programme, Rural Self-Employment Programme and Rural Road Construction Programme under flagship Government sponsored schemes. Indeed, as a critical complement to this effort, financial inclusion initiative driven by leveraging smart card and bio-metric technology, also played a pivotal role.