Wednesday, Feb 1 2023 | Time 04:56 Hrs(IST)
image
Business Economy


RBI to launch digital rupee for retail customers on Dec 1

RBI to launch digital rupee for retail customers on Dec 1

Panaji, Nov 29 (UNI) The Reserve Bank of India (RBI) on Tuesday announced the launch of the first pilot for retail digital Rupee on December 01, 2022.

The pilot would cover select locations in closed user groups (CUG) comprising participating customers and merchants and the e₹-R would be in the form of a digital token that represents legal tender, a statement from the RBI said.

The e₹-R would be issued in the same denominations that paper currency and coins are currently issued and would be distributed through intermediaries i.e. banks, the statement said.

'The users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones or devices. 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 e₹-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 statement said.

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 e₹-R token and architecture will be tested in future pilots, based on the learnings from this pilot, the central bank said.

Eight banks have been identified for phase-wise participation in this pilot. The first phase will begin with four banks--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.

'The scope of the pilot may be expanded gradually to include more banks, users and locations as needed,' the statement added.

UNI AKM GNK

More News

Growth projections to remain undisturbed if oil below $100 a barrel, says CEA

31 Jan 2023 | 9:40 PM

New Delhi, Jan 31 (UNI) Stating that uncertainties in global oil market are tremendous, Chief Economic Adviser (CEA) Dr V. Anantha Nageswaran on Tuesday said that the real GDP growth p[projections would remain undisturbed as long as crude oil prices stay below $100 a barrel.

see more..

Network of leadership and knowledge needed to build a strong social sector : Experts

31 Jan 2023 | 9:39 PM

New Delhi, Jan 31(UNI) Strong leadership plays an important role in driving positive change and creating sustainable impact on communities. Leadership development and upskilling talent in the social sector is crucial for the growth and success of organizations that aim to work towards improving social conditions.

see more..
J&K admin to revive wool sector; Dulloo says need to tap economic potential

J&K admin to revive wool sector; Dulloo says need to tap economic potential

31 Jan 2023 | 9:38 PM

Jammu, Jan 31 (UNI) Jammu and Kashmir Additional Chief Secretary (ACS), Agriculture Production Department, Atal Dulloo on Tuesday said that the UT administration has already approved plans and revolving funds for revival of the sector in J&K.

see more..

Growth projections to remain undisturbed if oil below $100 a barrel, says CEA

31 Jan 2023 | 9:38 PM

New Delhi, Jan 31 (UNI) Stating that uncertainties in global oil market are tremendous, Chief Economic Adviser (CEA) Dr V. Anantha Nageswaran on Tuesday said that the real GDP growth p[projections would remain undisturbed as long as crude oil prices stay below $100 a barrel.

see more..
Jeevansathi com teams up with Jasleen Royal for wedding season

Jeevansathi com teams up with Jasleen Royal for wedding season

31 Jan 2023 | 9:34 PM

New Delhi, Jan 31 (UNI) Matrimony brand Jeevansathi.com, is all set to celebrate the 'Season of Love' in a special way.

see more..
image