The first trial run or pilot test of digital rupee transactions for retail customers will begin on December 1, 2022, says RBI (Reserve Bank of India).

The prototype initiative would target a few exclusive user regions. This group includes customers and businesses.

What is the Digital Rupee?

The Digital Rupee, also called the E-Rupee, is a planned digital version of the Indian Rupee.

Digital rupee transactions will be possible through the use of Digital wallets. Participating institutions will give potential customers the information and security they need.

Key facts!

• The e-R, or electronic currency, would look like a digital token that acts like legal money.
• It would be made in the same amounts as coins and paper money that are already in circulation.
• It would be given to different people through middlemen, like banks.
• Users will be able to use e-R to make purchases by storing a digital wallet on their cell phones or other devices.
• Customers can pay retailers by scanning the QR codes that are displayed at different locations.
• The e-R would have qualities like cash, such as trustworthiness, safety, and a final settlement.
• It can be changed into other types of money, just like cash.
• However, it can’t be deposited in a bank and doesn’t earn interest like cash does.
• The trial will test the reliability of digital rupees, distribution, and use in retail businesses.
• Future pilots will test different e-R token uses and features based on what was learned from this pilot.
• For this pilot project, eight financial institutions have been chosen to take part in stages.
• State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank will participate initially.
• In addition, the pilot programme would focus on Mumbai, New Delhi, Bengaluru, and Bhubaneswar.
• If there’s a desire, future trial runs might cover more institutions, people, and places.

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Watch a video

Youtube user “All Tips” shares with us how rupee currency notes are manufactured.

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