The Reserve Bank of India (RBI) announced the launch of the first pilot for retail digital Rupee or e-rupee on December 1. RBI partnered with four banks including State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank in Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The first pilot for retail digital Rupee or e-rupee will cober only the closed user group (CUG) comprising participating customers and merchants.
What is digital Rupee or e-Rupee?
- The digital Rupee or e-Rupee is a form of digital token that represents legal tender. the digital Rupee has been issued in the same denominations as paper currency and coins.
How will digital Rupee work?
- The digital Rupee or e-Rupee will be allocated via intermediaries such as banks to customers and merchants.
- Users can transact with e-Rupee through a digital wallet which is offered by eligible banks and stored on mobile phones or devices.
- the transaction in digital Rupee can be done between Person to Person (P2P) and Person to Merchant (P2M).
- Users can make payments through e-Rupee using QR codes displayed at merchant locations.
- The e-Rupee will have various features like trust, safety, and settlement finality.
List of eligible banks and cities for digital Rupee or e-rupee
- The first phase of the pilot will be started with four banks — State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank across only four cities including Mumbai, New Delhi, Bengaluru, and Bhubaneswar.
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