• Yes Bank today launched RBI's Central Bank Digital Currency (CBDC) for its Closed User Group (CUG), which includes its retail customers and merchants
Mumbai: Yes Bank today announced participation in the first pilot program of Digital Rupee (e₹), a new form of currency launched by the Reserve Bank of India (RBI). Digital Rupee (e₹) is a legal tender, similar to sovereign paper currency, and issued in digital form by the RBI.
The bank today launched RBI's Central Bank Digital Currency (CBDC) for its Closed User Group (CUG), which comprises its retail customers and merchants. Yes Bank is one of the four banks identified by the RBI as part of the first pilot of its digital currency (e₹) for the retail market.
YES BANK is proud to have been selected by the Reserve Bank of India for the pilot launch of India's first Central Bank Digital Currency (CBDC) called Digital Rupee (e₹). We are happy to play a role in RBI's vision of building a digitally driven economy.
— YES BANK (@YESBANK) December 1, 2022
The project is in line with the RBI's focus on creating a digitally driven economy, which aims to reduce dependence on cash by introducing a digital version of cash with similar features. This will help reduce the expenditure incurred by the Reserve Bank of India on printing and maintaining currency, while helping to avoid counterfeiting.
Commenting on this development, Prashant Kumar, MD & CEO, Yes Bank said, “At Yes Bank, it has been our constant endeavor to provide customers with a differentiated banking experience by leveraging best-in-class technology infrastructure, along as well as our inherent ability to innovate. RBI's decision to introduce its digital currency is certainly an important one, which bodes well with their overall objective of building a digitally driven economy.
It is indeed a matter of great pride for us to have been selected by the RBI to participate in both the strategic CBDC pilot projects (wholesale and retail), and we believe this will encourage more innovation across the ecosystem of regulators, banks and fintechs. Will continue to give. Behind CBDC to support Government and RBI's vision of Digital India..
During the pilot phase, access to the Yes Bank Digital Rupee app will be given to select retail customers of Yes Bank who will be part of the CUG. This will give customers a glimpse into the future of digital currency in India. Customers can transact in digital rupees using a convenient and secure digital wallet offered by YES BANK. The Digital Rupee Wallet will be like a physical wallet, but in digital form which will be available for download on smartphones with Android OS.
Customers can use the digital Rupee wallet to make payments to merchants and individuals, which are part of the CUG pilot. Payment to merchants can be made through a unique QR code displayed at the respective merchant touchpoints. In order to participate in this digital payments journey and activate their wallet, select customers need to download YES BANK Digital Rupee Wallet using a web link provided by the bank.
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