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

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Category : Business and economics Published on: December 01 2022

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  • 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.
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