RBI in tandem with the central government had launched the wholesale pilot plan on November 1, 2022 and now they are ready to launch the retail e Rupee to selected 4 banks. According to the Reserve Bank of India, the e Rupee is a digital version of the physical notes or coins and will not offer any interest. The e Rupee will offer pivotal features like trust, safety, and settlement finality. The e Rupee can be deposited to banks, according to a statement made by the authorities.
Initially, the digital rupee could only be accessed through wallets created by four banks: State Bank of India, ICICI bank, Yes bank, and IDFC First bank. It is limited to four cities: Mumbai, Bengaluru, New Delhi, and Bhubaneswar. Later, the e Rupee will be extended to cities like Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla. Users will be able to transact with e₹ through a digital wallet that will be offered by the bank (the four banks selected as of now) The e₹ transactions can be both Person to Person (P2P) and Person to Merchant (P2M). Payments to merchants can be made using the QR codes displayed at merchant stores or locations.
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