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Business News/ Money / Personal Finance/  Digital Rupee makes retail debut: 10 things you must know about RBI's eRs-R
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Digital Rupee makes retail debut: 10 things you must know about RBI's eRs-R

Digital Rupee: RBI's eRs-R would be in the form of a digital token that represents legal tender

The digital rupee will be the digital version of physical cash. (iStock)Premium
The digital rupee will be the digital version of physical cash. (iStock)

Digital Rupee makes retail debut: The Reserve Bank of India on Tuesday announced the launch of retail digital rupee (eRs-R) on 1 December on a pilot basis. According to a statement from RBI, the pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants. 

Digital Rupee: All you need to know about it

1) The eRs-R would be in the form of a digital token that represents legal tender.

2) The Digital Rupee would be issued in the same denominations that paper currency and coins are currently issued. 

3) It would be distributed through intermediaries -- banks.

4) Eight banks have been identified for phase-wise participation in this pilot, according to the central bank.

5) The first phase will begin with four banks, namely State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country.

6) Four more banks, namely Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join this pilot subsequently.

7) The pilot would initially cover four cities, namely, Mumbai, New Delhi, Bengaluru and Bhubaneswar.

8) It will later extend to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.

9) Users will be able to transact with eRs-R through a digital wallet offered by the participating banks and stored on mobile phones/devices.

10) Transactions can be both person-to-person (P2P) and person-to-merchant (P2M). Payments to merchants can be made using quick response (QR) codes displayed at merchant locations, according to the statement.

 

 

 

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Published: 01 Dec 2022, 08:35 AM IST
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