India: RBI announces pilot for digital rupee

Users will be able to transact with the e-rupee through a digital wallet offered by participating banks and those that are stored on devices



By Web Desk

Published: Tue 29 Nov 2022, 3:14 PM

The central bank of India has announced the first pilot for the retail digital rupee which will take place on December 1, 2022.

A press release by the Reserve Bank of India said that the pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants.

The e₹-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.

Users will be able to transact with the e-Rupee through a digital wallet offered by participating banks and those that are stored on devices.

Eight banks have been identified for phase-wise participation in this pilot. The first phase will begin with four banks, which are: State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country.

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