Quick Summary
Operationalisation of Central Bank Digital Currency - Retail (e₹-R) Pilot The Reserve Bank announces the launch of the first pilot for retail digital Rupee(e₹-R)on December 01, 2022. It may be recalled that RBI had, in aPress Release dated October 31, 2022, indicated that the pilot ine₹-Rwould commence in a months time. 2. The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants. Thee₹-Rwould be in the form of a digital token th
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FAQ :
The first pilot of the retail digital rupee (e₹-R) is scheduled to launch on December 1st, 2022.
The digital rupee (e₹-R) is a digital token that represents legal tender, issued in the same denominations as current paper currency and coins.
Users will be able to transact with the e₹-R through a digital wallet offered by participating banks, stored on their mobile phones or devices. Transactions can be Person to Person (P2P) and Person to Merchant (P2M).
The first phase of the pilot will involve four banks: State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank.
The pilot will initially cover four cities: Mumbai, New Delhi, Bengaluru, and Bhubaneswar.
No, similar to physical cash, the digital rupee will not earn any interest.
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