Digital Rupee: Reserve Bank Governor Shaktikanta Das has made a big announcement for the common customers. RBI said that after two days, the facility of transaction in E-rupee will be started for common customers.
The Reserve Bank of India (RBI) has announced the launch of a pilot project of Digital Rupee at the retail level. RBI has informed that it will bring a pilot project for Retail Central Bank Digital Currency (CBDC) from December 1.
RBI gave information
According to the information given by RBI, on December 1, retail will launch the first batch for Digital Rupee (e₹-R). The digital rupee will be in the form of a digital token, which will remain legal tender. The digital rupee will be issued in the same denominations in which paper currency and coins are currently issued. RBI has informed that on December 1, this test will be done at selected places in the Closed User Group (CUG). This will include both the customer and the bank merchant. Right now 4 banks have been included in this.
Know how the transaction will happen
RBI said that merchants can be paid using QR codes at merchant establishments. Users will be able to transact with e-R (e₹-R) through digital wallets offered by partner banks and stored on the mobile phone. Transactions Person to Person (P2P) and Person to Merchant (P2M) can be both.
These four banks were included
Let us tell you that four banks including State Bank of India and ICICI Bank will be included in this test, which will be tested in Delhi, Mumbai, Bengaluru and Bhubaneswar. Let us tell you that the digital rupee will be distributed through banks and users will be able to transact in e-rupee through digital wallets offered by banks participating in the pilot test. That is, the customers of these banks will get its benefit.
