Future Ready Banking with Smart Contracts - CBDC and Impact on the Indian Economy

India is significantly diverse in culture and how it promotes business transactions. Though we are very acquainted with cash, cards, online mode of payment, the Indian rural economy still believes barter system. At this juncture, evolving as a tech power house, its thriving to embrace cryptocurrency medium exchange. After finance minister declared same last February that working towards building legal tender called Central Bank-backed Digital Currency (CBDC), paper making an impact explaining our strengths, weakness, market readiness, necessity adopt digital rupee when India's highly regarded cashoriented economy. Is country ready accept new technological shift smart banking form rupee? The highlights socioeconomic technical challenges planners need understand before changing banks' monetary policies. deployment fifth-generation (5G) cellular network technology has sparked renewed interest potential blockchain automate different use cases. 5G projected open up prospects for small large businesses. article unique instrument enhance peer-to-peer transactions evolution mobile technology.