Highlights

Initially four banks- SBI, ICICI Bank, Yes Bank and IDFC First Bank will issue digital tokens
Pilot launch in Mumbai, New Delhi, Bengaluru and Bhubaneswar
Transactions can be both person to person (P2P) and person to merchant (P2M)

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What is retail digital rupee?

Name: What is retail digital rupee?
Uploaded: 2022-11-30T08:13:35.000+05:30
Duration: T00M39S
Channel: Editorji News Desk
Description: The retail e-rupee will be an electronic version of cash, and will be primarily meant for retail transactions

The retail e-rupee will be an electronic version of cash, and will be primarily meant for retail transactions

Updated: Sep 02, 2022 10:53

Editorji News Desk

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The Reserve Bank of India will launch the first pilot for retail digital Rupee on December 1

A central bank digital currency is the digital form of govt issued currency

This digital rupee 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 and would be distributed through banks

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Users will be able to transact with retail digital rupee through a digital wallet offered by banks and stored on mobile phones

The first pilot will be launched in Mumbai, New Delhi, Bengaluru and Bhubaneswarand later expand it to nine more cities in the initial phase

Frequently Asked Questions

What is the retail digital rupee?❯

The retail digital rupee is a central bank digital currency, which is the digital form of government-issued currency. It is an electronic version of cash, in the form of a digital token that represents legal tender.

When is the pilot for the retail digital rupee launching?❯

How can users transact with the retail digital rupee?❯

How will the retail digital rupee be distributed and in what denominations?❯

In which cities will the first pilot be launched?❯