RBI's e-Rupee is now accepted as payment for Reliance General Insurance premiums

The Reserve Bank of India's Central Bank Digital Currency e-Rupee is now being accepted for premium payments by Reliance General Insurance, making it the nation's first general insurance provider to do so. Reliance and Yes Bank have joined hands to make premium collection possible using the bank's e-Rupee platform.

Customers can scan the e-Rupee QR code for Reliance General Insurance to make instant payments if they have an active e-wallet with any bank. The company says that this new payment method seeks to give clients a simple, secure, immediate, and eco-friendly payment solution.

Reliance General Insurance enables its customers to mitigate such dangers and advance secure financial transactions by accepting e-Rupee for premium payments.

Four major lenders, including the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, participated in the introduction of the retail digital rupee project in a limited user group.

On December 1, 2022, the retail digital rupee pilot programme was introduced in Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The pilot's reach may be gradually increased as necessary to incorporate additional banks, users, and locations.