Quick Summary
The Reserve Bank of India (RBI) launched the first pilot of Digital Rupee- Retail segment (e₹-R) on December 01, 2022. This was stated by the Union Minister of State for Finance, Shri Pankaj Chaudhary, in a written reply to a question in Lok Sabha today. The Minister stated that the pilot is covering select locations in closed user group (CUG) comprising participating customers and merchants. The e₹-R pilot currently covers the five cities of Mumbai, New Delhi, Bengaluru, Bhubaneswar and Chan
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FAQ :
The e₹-R, or Digital Rupee - Retail segment, is a digital token issued by the Reserve Bank of India that represents legal tender, functioning similarly to physical cash.
The first pilot of the Digital Rupee - Retail segment (e₹-R) was launched on December 01, 2022.
The current e₹-R pilot covers five cities: Mumbai, New Delhi, Bengaluru, Bhubaneswar, and Chandigarh.
Users will be able to transact with e₹-R through a dedicated digital wallet offered by participating banks, which will be stored on their mobile phones or devices.
No, similar to physical cash, the e₹-R will not earn any interest.
Eight banks are participating in the pilot, including State Bank of India, ICICI Bank, Yes Bank, IDFC First Bank, Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank.
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