I agree that it may entail some additional costs on their side. However, focusing only on short term profits could entail long term pain for both consumers and providers of financial services as it could result in costly lawsuits, both in financial and reputation terms. At the bank, we are currently working on the roll out of a CBDC, the Digital Rupee.
We believe that CBDCs, by the very fact that they are issued by central banks, will provide a springboard for enhancing digital financial literacy. Ladies and Gentlemen, It is imperative that we all work together towards creating the conducive policy environment. Progress in access to finance today largely depends on mobile phone penetration as much, or even much more, than just the banking system.