RBI's pilot project on digital rupee to be launched on Dec 1
Published By : Prameya News Bureau | November 29, 2022 IST
Share
New Delhi, Nov 29 (IANS) The Reserve Bank of India's (RBI) first pilot project for retail digital Rupee (ea,-R) would be launched on December 1, 2022. The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants, a statement issued by RBI said. The ea,-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 would be distributed through intermediaries, i.e. banks. Eight banks have been identified for phase-wise participation in this pilot project. 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. Four more banks namely Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join this pilot subsequently. The pilot would initially cover four cities namely Mumbai, New Delhi, Bengaluru and Bhubaneswar and later extend to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla. Users will be able to transact with ea,-R through a digital wallet offered by the participating banks and stored on mobile phones or devices, the statement said. Transactions can be both person to person (P2P) and person to merchant (P2M). Payments to merchants can be made using QR codes displayed at merchant locations. The ea,-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 pilot will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real time. Different features and applications of the ea,-R token and architecture will be tested in future pilots, based on the learnings from this pilot. The scope of pilot may be expanded gradually to include more banks, users and locations as needed, the statement added.
News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
RBI lists 6 factors powering India’s take-off to become world’s 3rd largest economy
Parveen Verma appointed as CEO, TPWODL
Apple ecosystem is one of the leading employment generators in India: Vaishnaw
Internet subscribers reach 936.16 million in India, telephone subscribers cross 1.19 billion: TRAI
BharatPe launches India's first all-in-one payment device
Aston Martin launches new sports car 'Vantage' at Rs 3.99 cr in India
India's first all-in-one payment device launched
Ola becomes 1st to launch ride-hailing operations at Ayodhya Airport
Reliance Industries becomes first Indian company to cross Rs 1 lakh crore threshold in pre-tax profits
Govt bonds worth Rs 32,000 crore to be auctioned on April 26
Travel searches for Ayodhya, Ujjain, Badrinath increased: Report
Entrepreneurship is just a state of mind: Narayana Murthy
Experience unparalleled features with realme NARZO 70 5G & NARZO 70x 5G
Most sectoral indices in the green, small caps outperform
Zomato hikes mandatory platform fee by 25pc
Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24
Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24
Earnings season, global cues to shape market trends
Tesla cars to soon have an integrated X experience: Elon Musk
EPFO adds 15.48 lakh net members in Feb as employment rises