• Kotak Mahindra Bank launches Central Bank Digital Currency (CBDC) for Closed User Group (CUG) of customers, which includes retail consumers and businesses
Kotak Mahindra Bank Limited (KMBL) on Thursday announced that it has implemented the first phase of the Reserve Bank of India's (RBI) Digital Rupee (eR). KMBL is one of the eight banks that have been shortlisted by the RBI to implement a pilot project to issue digital rupee, a legal tender similar to bank notes and coins, to be issued in digital form by the RBI. is done.
Kotak Mahindra Bank today launched Central Bank Digital Currency (CBDC) for Closed User Group (CUG) of customers, which includes retail consumers and businesses.
The bank will launch digital rupee pilot in Mumbai, Delhi and Ahmedabad. An email/SMS invitation will be sent to limited KMBL customers to download the Digital Rupee App. The digital Rupee wallet works in the same way as a physical wallet, but in digital form, and will be available for download on Android operating system smartphones.
Deepak Sharma, President and Chief Digital Officer, Kotak Mahindra Bank said, “We are delighted to be a part of RBI’s initial pilot of Digital Rupee. The CBDC is in line with the RBI's vision to develop a digitally driven economy, promote digital transactions and reduce dependence on cash. Digital Rupee will greatly boost the Government of India's vision of Digital India and the CBDC will act as a change agent for the finance ecosystem in the country."
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