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Digital Rupee is a digital token that can be used as money. Also called e-Rupee. The digital rupee, on the other hand, comes in the same amounts as paper money and coins.
Shortly
- RBI said it would start the first pilot of Digital Rupee in retail.
- On December 1, the first test of the digital rupee, also called electronic rupee, will begin.
- RBI has formed partnerships with four banks in four cities.
The Reserve Bank of India (RBI) announced on Tuesday that the first pilot of the retail digital rupee, or e-rupe, will start on December 1. First, the RBI is working with four banks in Mumbai, New Delhi, Bangalore and Bhubaneswar. These banks are the State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. RBI said that at first, the pilot would only include customers and merchants participating in the closed user group (CUG).
What is Digital Rupee or e-Rupee?
The Reserve Bank of India (RBI) says that the e-Rupee is a digital token that can be used as legal money. Unlike cryptocurrencies, the Digital Rupee comes in the same amounts as paper money and coins.
How will the digital rupee work?
The RBI said that customers and merchants will get e-Rupee, also called digital Rupee, through intermediaries like banks. Users will be able to use e-Rupee through a digital wallet provided by eligible banks and stored on mobile phones or other devices.
The central bank also confirmed that digital rupee transactions can be made person-to-person (P2P) and person-to-business (P2M) (P2M). Users will be able to pay for things with an electronic rupee by scanning QR codes in stores, just like they do when shopping online. “Electronic rupee, like real money, would provide trust, security and final settlement.” As with cash, it will earn no interest and can be exchanged for other forms of money, such as bank deposits, according to an RBI statement.
RBI also said that the pilot will test the “robustness of the entire process of creating, distributing and using digital rupees in retail in real time.” Based on what was learned from this pilot, future pilots will test different parts and uses of the e-Rupee token and its architecture.
List of eligible banks and cities?
The central bank said that the digital rupee will be made available in stages. In the first phase, the pilot will start with just four banks and four cities: State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. Mumbai, New Delhi, Bengaluru and Bhubaneswar are some of these cities. RBI said that in the future, four more banks including Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join the pilot programme.
Subsequently, the service will be available in many more Indian cities including Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla. Eventually, the facility will be used in other parts of the country. We still don’t know when the official launch will happen. RBI said the pilot could be made larger over time to include more banks, users and venues as needed.
The Reserve Bank of India (RBI) has been talking about taking out a digital rupee for a long time. On December 1, some users will be able to use e-Rupee to pay for things. The main goal of the central bank with the digital rupee is to fully launch the CBDC (central bank digital currency) in the near future.
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