Digital Rupee


Dec 5, 2022

Transaction of so many crores in Digital Rupee on the first day, now only in these 4 banks this ‘currency’

Transactions worth crores have been recorded on the very first day of retail digital Rs.  The Reserve Bank issued digital rupees to the banks involved in the first phase.  The demand for digital rupee may increase further in the coming days.  It was launched by the Reserve Bank on December 1.

The pilot of Retail Digital Rupee was successfully launched in the country from December 1.  The Reserve Bank of India (RBI) released Rs 1.71 crore on the very first day.  The demand for these digital rupees was made by the four banks involved in the pilot project for selected cities.  An official related to this said that in the coming days, according to the increasing needs of the banks, the Reserve Bank will issue more digital rupees.  In the first phase, Digital Rupee was launched in Delhi, Mumbai, Bengaluru and Bhubaneswar.  Digital currency is being made available through four banks in these cities.

These banks have been included

The first phase has started through State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country.  After this Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will be included in this pilot project.  In the second phase of the pilot, there is a plan to expand the digital rupee to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.

The E-Rupee issued by the Reserve Bank will act as a digital token.  In other words, CBDC is the digital form of currency notes issued by RBI.  Digital Rupee transactions can be done both Person to Person (P2P) and Person to Merchant (P2M).  Apart from this, if you have to pay the merchant, then you can scan the QR code present with him and make the payment.  Transaction of digital rupee can be done through banks e-wallet.  This step of this Reserve Bank is being considered important in the direction of developing india’s economy in digital form.

par value of paper notes

Its value is equal to paper notes.  If you want, you can also get paper notes by giving it.  The Reserve Bank has divided digital currency into two categories, CBDC-W and CBDC-R.  CBDC-W stands for Wholesale Currency and CBDC-R stands for Retail Currency.  Earlier, on November 1, the central bank had launched digital rupee for wholesale transactions.

Transactions from Wholesale Digitalo Rs.

When Digital Rupee was launched for wholesale transactions, a transaction of Rs 275 crore took place on the first day.  Many banks had done 48 deals related to government bonds using digital virtual currency on the first day, whose total value was Rs 275 crore.

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