Odisha government announced the Subhadra Yojana, marking a significant milestone as the first government initiative to use Central Bank Digital Currency (CBDC), commonly known as the 'digital rupee,' for direct transfers. This innovative program enables beneficiaries to receive an annual payment of Rs 10,000 directly into their bank accounts through the digital currency.
The initial installment has been distributed to approximately 12,000 beneficiaries, who were informed of the deposit through text messages in both Odiya and English.
"The funds will be directly transferred to your bank accounts, eliminating intermediaries. This initiative is linked to the RBI's digital currency pilot, allowing you to spend the digital rupee whenever you wish," said Prime Minister Narendra Modi during the scheme's launch.
The Reserve Bank of India (RBI) is currently testing its digital rupee, with around six million users, including over five million retail users. While digital currency has been used for transactions involving government securities and carbon credits, the launch of Subhadra Yojana could pave the way for more government programs adopting this technology.
Odisha was one of the states where the CBDC pilot began in late 2022. RBI officials in Mumbai and Bhubaneswar have collaborated with state government representatives to implement the scheme, with local banks assisting in setting up digital rupee wallets and explaining their use.
Beneficiaries can utilize their digital rupee through UPI QR codes, transfer it to their bank accounts, or withdraw cash as needed.
Eligibility and Benefits of Subhadra Yojana
Under the Subhadra Yojana, each eligible beneficiary will receive Rs 10,000 annually in two equal instalments. Over five years, this totals Rs 50,000. The scheme benefits all eligible women aged 21 to 60. Families with multiple eligible women will receive assistance for each individual. Women already receiving widow pensions or government scholarships are also eligible.
To qualify, applicants must be residents of Odisha, aged 21 or older but under 60 by the deadline. For the fiscal year 2024-25, the application deadline is July 1, 2024. Future deadlines will be set by the administration over the next four years.
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