RBI launches retail digital rupee on December 1 for common people

RBI launches retail digital rupee on December 1 for common people

Daily Current Affairs / RBI launches retail digital rupee on December 1 for common people

Change Language English Hindi

Category : Business and economics Published on: December 01 2022

Share on facebook

The Reserve Bank of India (RBI) has launched its first pilot project for retail digital rupee (e₹-R) on 1 December.
The digital rupee will be distributed through banks and users will be able to transact with it through a digital wallet offered by the participating banks and stored on mobile phones/devices.
However, as in the case of cash, the digital currency will not earn any interest and can be converted to other forms of money, like deposits with banks.
RBI has identified eight banks for phase-wise participation in this pilot. These include State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. The four banks will participate in the first phase across 4 cities in the country.
Four more banks, namely, Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join this pilot subsequently.

Recent Post's

ONGC will invest ₹4,600 crore in Andhra Pradesh’s KG Basin for drilling, offshore platforms, pipeline, and gas processing.
Read More....
India’s defence production reached a record ₹1.51 lakh crore in FY 2024-25, up 18% from last year.
Read More....
China and Hong Kong won the Asia Rugby U-20 Sevens titles, while India’s women claimed bronze in Bihar.
Read More....
DPIIT signed an MoU with Zepto to support manufacturing startups under the Zepto Nova Innovation Challenge.
Read More....
Indian Navy will commission stealth frigates INS Udaygiri and INS Himgiri together for the first time on 26 August 2025.
Read More....
Lok Sabha passed the revised Income Tax Bill 2025, expanding officials’ powers for search operations.
Read More....
Kerala’s KSFE became the first miscellaneous NBFC in India to cross ₹1 lakh crore turnover.
Read More....
WHO confirmed Kenya has eliminated sleeping sickness as a public health problem.
Read More....
Aadhaar Face Authentication transactions doubled from 100 crore to 200 crore in just six months.
Read More....
Tata’s Nelco and France’s Eutelsat will provide OneWeb satellite internet services in India.
Read More....