Banking in India compete with the international banks in customer service, without the use of information technology. The RBI set up a number of committees to define and co-ordinate banking technology. These have included: The total number of automated teller machines (ATMs) installed in India by various banks as of end June 2012 was 99,218. The new private sector banks in India have the most ATMs, followed by off-site ATMs belonging to SBI and its subsidiaries and then by nationalised banks and foreign banks, while on-site is highest for the nationalised banks of India. In 2008 the Reserve Bank of India introduced a
Central Bank Digital Currency Central Bank Digital Currency Central bank digital currency (CBDC, also called "Digital Fiat Currency" or "digital base money") is the digital form of fiat money which is a currency established as money by government regulation or law. Central bank digital currency is different from "digital currency" (or virtual currency and cryptocurrency), which are not issued by the state and lack the legal tender status declared by the government. As such, public digital currencies could compete with commercial bank deposits and challenge the status quo of the current fractional reserve banking system. The Bank of England was one of the first