The Reserve Bank of India (RBI) had announced that the digital rupee i.e. e-rupee is being launched from December 1. This service will be provided by 4 banks along with RBI. This includes State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. Right now this service will start only in 4 big cities of the country. Initially, this pilot project will be started only between the merchants and the customers.
What is Digital Rupee (What is digital Rupee or e-Rupee?)
The Reserve Bank of India says that CBDC is a legal tender issued in digital form by the central bank. According to the RBI website, it is similar to paper currency and can be replaced with paper currency. You can get notes. Only its form is different. Simply put, Digital Currency or Digital Rupee are currency notes issued by the Reserve Bank of India in digital form. You can use it the same way you transfer money to any other merchant. There you can cash the digital rupee.
What will be the benefit of Digital Rupee
1. Will be helpful in strengthening the digital economy.
2. No need to keep cash in pocket.
3. The facility of this payment will be available like a mobile wallet.
4. Digit Rupee can be easily converted into bank money and cash.
5. There will be a reduction in the cost of sending money abroad.
6. E-Rupay will work even without internet.
7. The value of e-rupee will be equal to the existing currency.