Retail Digital Rupee Pilot Project:
All You Need To Know About

Digital Rupee Pilot Project Phase 1

The rollout of India’s much-awaited Central Bank Digital Currency (CBDC) e-Rupee for retail users (e₹-R) begins from December 1

What Is e-Rupee
Or Digital Rupee?

Digital Rupee or e-Rupee is a digital form of currency note issued by the Reserve Bank of India 

Value Of e-Rupee Or Digital Rupee

e-Rupee is in the form of a digital token that represents legal tender. It will be issued in the same denominations that paper currency and coins are currently issued

How Does e-Rupee Work?

Digital tokens will be issued by banks in the same denominations as paper currency. The e-Rupee or digital Rupee can be used to make and receive payments via a digital wallet, as per the RBI

e-Rupee For Retail Users (e₹-R)

Users will be able to transact with e-Rupee through a digital wallet offered by the participating banks and stored on mobile phones. Transactions can be both Person to Person (P2P) and Person to Merchant (P2M). Users can also transact via QR codes at merchant locations

e-Rupee: Safety

The e₹-R will offer features of physical cash like trust, safety and settlement finality. It will not earn any interest and can be converted to other forms of money, like deposits with banks

e-Rupee For Retail Users

In the first phase of the pilot project for digital Rupee for retail users, select locations and banks in a closed user group (CUG) comprising participating customers and merchants have been chosen

e-Rupee For Retail Users: Banks, Cities

State Bank of India (SBI), ICICI Bank, Yes Bank and IDFC First Bank are the banks selected for the first phase in the pilot run initially across four cities Mumbai, New Delhi, Bengaluru and Bhubaneswar

e-Rupee For Retail Users: Pilot Project

The pilot project will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real time

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