RBI's pilot project on digital rupee to be launched on Dec 1


New Delhi, Nov 29 (IANS): The Reserve Bank of India's (RBI) first pilot project for retail digital Rupee (ea,-R) would be launched on December 1, 2022.

The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants, a statement issued by RBI said.

The ea,-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued.

It would be distributed through intermediaries, i.e. banks. Eight banks have been identified for phase-wise participation in this pilot project.

The first phase will begin with four banks namely 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.

Users will be able to transact with ea,-R through a digital wallet offered by the participating banks and stored on mobile phones or devices, the statement said.

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 ea,-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 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 ea,-R token and architecture will be tested in future pilots, based on the learnings from this pilot.

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

 

  

Top Stories

Comment on this article

  • Rita, Germany

    Tue, Nov 29 2022

    Now I am bit or totally confused.Suppose when we go to India and how can we buy things and pay them in a shop?We dont have this digital Rupee .What if in a shop we buy and salesman refuses normal Rupees we have?Is our previous currency now not acceptable ?

    DisAgree Agree Reply Report Abuse

  • Daniel, Mangalore

    Tue, Nov 29 2022

    A little bit of caution here. Some countries elite and communist chinese pushing economy not sustaining new green deals, as they did to bankrupt Sri Lanka. Some wars, some others proxy wars to weaken them economically and loot their money. Some digital currencies, if economy collapses block and use citizens' hard earned money as happened during few failed banks here. It easier to control if digital money. Finally, India should not come under Communist chinese or their controlled IMF, WB or UN. Communist chinese have sold 1S, 1£, 2£ items and made billions to make their economy and military robust and now with same money trying to subdue and control the whole world with different strategies. With covid they have already half ruined others' military and economy. 5 G and Digital Currency Second phase. Then human control using microchip, AI, Digital ID, Currency. Better be pilot test only, no full pledged digital currencies. Sometimes need to use brains or go slow to avoid enemy traps and tactics. Beware, Communist dragon trying to swallow the whole world!

    DisAgree Agree Reply Report Abuse

  • mohan prabhu, mangalore/canada

    Tue, Nov 29 2022

    Bitcom rupee! Why not have a plastic rupee card of demonetized currencies.

    DisAgree Agree [1] Reply Report Abuse


Leave a Comment

Title: RBI's pilot project on digital rupee to be launched on Dec 1



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.