Who can use e-rupee launched on December 1 by RBI?

1 Dec 2022 , 04:21 PM

The Reserve Bank of India (RBI) launched the retail pilot of the digital rupee on December 1, 2022. The digital rupee can provide access to safe money for payments and settlements as it is the direct responsibility of the central bank.

Currently, eight banks have been identified for phase-in participation in the digital rupee retail pilot in four cities across the country. These banks are ICICI Bank, Yes Bank, State Bank of India and IDFC First Bank in the first phase. Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join for the second phase.

The e-Rupee will be issued in the same denominations in which paper currency and coins are currently issued. Anyone in the closed user group (CUG) can transact in e-rupees through a digital wallet offered by participating banks and stored on mobile devices. Customers can make payments to merchants using QR codes displayed at merchants.