RBI to launch pilot program for digital rupee on 1st December

30 Nov 2022 , 10:55 AM

On December 1st, 2022, the Reserve Bank of India will start the first pilot program for retail digital rupees (e-Rupee). You might remember that RBI stated in a press release dated October 31, 2022, that the pilot for the e-Rupee would start in one month.

The closed user group (CUG), which consists of participating customers and retailers, would cover a few specific regions for the experiment.

Through a digital wallet provided by the participating banks and kept on mobile phones or other devices, users will be able to conduct transactions with e-Rupee.

The pilot will aim to assess the stability of the complete creation, distribution, and retail use of digital rupees in real-time. Based on the lessons learned from this pilot, other aspects and uses of the e-Rupee token and architecture will be evaluated in further pilots.

Mumbai, New Delhi, Bengaluru, and Bhubaneswar would be the first four cities the pilot would cover. Later, Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla would also be included. As needed, the pilot’s scope may be gradually expanded to cover additional banks, users, and locations.

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