RBI to launch pilot of retail digital rupee on Dec 1
PTI, Nov 29, 2022, 4:38 PM IST
PTI photo
The Reserve Bank on Tuesday said it will launch the first pilot for retail digital rupee (e₹-R) on December 1, 2022, in which four banks including SBI and ICICI Bank will initially participate.
On November 1, the RBI had launched the first pilot in the digital rupee – wholesale segment.
Announcing the operationalisation of Central Bank Digital Currency – Retail (e₹-R) Pilot, the RBI said the pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants.
”The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued,” it said.
It would be distributed through banks and users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones/devices.
Transactions can be both Person to Person (P2P) and Person to Merchant (P2M).
The RBI further said the e₹-R would offer features of physical cash like trust, safety and settlement finality.
”As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks,” the central bank said.
The pilot would initially cover four cities — Mumbai, New Delhi, Bengaluru and Bhubaneswar.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
RBI announces MPC schedule for FY25, first rates decision on April 5
Seven out of ten Indian shoppers say they would happily receive product deliveries without additional packaging
Renault Nissan to launch four new products, expand product portfolio
Sensex, Nifty rebound on heavy buying in Reliance Industries, HDFC Bank
IndiGo to fly more international routes, destinations; aims doubling size by 2030: CEO Pieter Elbers
MUST WATCH
Latest Additions
Rs 20.14 cr unaccounted cash seized in poll run up in Karnataka
HC grants bail to man held for sexually assaulting ‘friend’ at Mumbai beach in 2021
Congress’s Kolar conundrum remains unsolved despite CM, DCM attempt to quell dissent
Mangaluru: Illegal slaughterhouse raided by police, Three arrested
‘No evidence of wrongdoing’: CBI closes UPA-era Air India aircraft leasing