New Delhi: In the information provided by the Reserve Bank of India (RBI), it has been said that the pilot project of digital rupee for the retail section is starting from 1 December. Let us tell you, earlier on November 1, the trial of Wholesale Central Bank Digital Currency (CBDC) was started. In the press release issued by the Reserve Bank of India, it has been said that 8 banks have been selected for this, but initially State Bank of India, ICICI. Bank, Yes Bank and I.D.F.C. Trial will be started with the bank. Bank Of Baroda, Kotak Mahindra Bank, H.D.F.C. Bank and Union Bank will be part of this trial later. The retail trial in these four cities will first start in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Later it will be expanded to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.
What is digital rupee
Right now we use 100, 200 rupee notes and coins issued by the Reserve Bank of India (RBI). The digital form of this will be called Digital Rupee. In technical language, it can also be called Central Bank Digital Currency (CBDC). Means the electronic form of rupee, which we will use without touching (contactless transaction). Let us tell you, the government had announced this in the 2022 budget.
RBI Said, “The electronic rupee will be in the form of a digital token that represents a legal tender. It will be issued in the existing size of paper currency and coins being issued at this time.” Will be able to transact in e-Rupee through These transactions can be done both P2P and P2M.
RBI Said that this digital rupee will also be equipped with the features of trust, security and final solution to the holder like traditional cash currency. Like cash, the holder of the digital rupee will not earn any interest and can be used for deposits with banks.
