Digital Rupee: RBI's ER-R will be in the form of a digital token that represents legal tender
Retail launch of Digital Rupee: The Reserve Bank of India on Tuesday announced the launch of Retail Digital Rupee (eR-R) on December 1 on a pilot basis. According to an RBI statement, the pilot will cover select locations in a closed user group (CUG) of participating customers and merchants.
Digital Rupee: All You Need To Know About It
1) ER-R will be in the form of a digital token that represents legal tender.
2) The digital rupee will be issued in the same denominations in which paper currency and coins are currently issued.
3) It will be distributed through intermediaries - banks.
4) According to the central bank, eight banks have been identified for phased participation in this pilot.
5) The first phase will start with State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country.
6) Four more banks, namely Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join this pilot later.
7) The pilot will initially cover four cities, namely Mumbai, New Delhi, Bengaluru and Bhubaneswar.
8) Later it will be expanded to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.
9) Users will be able to transact with ER-R through digital wallets offered by participating banks and stored on mobile phones/devices.
10) Transactions can be both Person-to-Person (P2P) and Person-to-Merchant (P2M). As per the statement, payments can be made to merchants using the Quick Response (QR) code displayed at merchant locations.
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