RBI Launch Digital Rupee

5 Things you need to know about it

Reserve bank of India, As per the reports has announced that there will be soon launching a concept of India’s First Pilot For the Retail Digital Rupee (e-rupee) also said as the Central Bank Digital Currency (CBDC) on 1st December 2022.

As per the updates given by the official the RBI digital currency will only cover the selected locations in a method of the Closed User Group (CUG) which will comprise the customers and merchants who all are participating.

Currently, for the launch and for some period of time phase the following bank like ICICI Bank, State Bank of India (SBI), Yes bank, IDFC First Bank, and HDFC Bank will be part of this retail e-rupee

On 7th October 2022, Central Bank showcased a Concept note which is interlinked with the e-rupee and CBDC, the design and other tech policies will consider a big change in the concept of the Digital e-rupee.

easy and fast way to do transactions but it is currently not in a phase for some years where it can replace the online payment options such as UPI, Gpay, Paytm, etc.

Will UPI and Other Online Payment Applications get Replaced after the Digital Rupee

It will only represent that there will be options to make digital transactions which will go as a step of purchasing the digital currency from the bank and making transactions safely from wallet to wallet.

Transactions of this currency can be done in various forms such as Person to Person (P2P) and Person to Merchant (P2M).

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