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The NCAER cautioned India against introducing CBDC too soon.

It is recommended that India proceed cautiously with the introduction of a central bank digital currency (CBDC) because it could be harmful to institutions, retail-end users, and the central bank's reputation. While a CBDC would have greater penetration, the Unified Payments Interface's reach is vast, according to research published by the National Council for Applied Economic Research (NCAER).
 

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