Delhi: RBI's digital currency e-rupee will be launched in 4 cities from today. E-Rupees will be issued as tokens with the value of existing coin and currency. Customers will start testing from today.
In the first phase, the e-Rupee will be released only in the cities of Mumbai, Delhi, Bengaluru and Bhubaneswar. In the second phase, e-rupee will be extended to nine cities including Kochi.
The Reserve Bank has stated that the "e-rupee" system will facilitate money transactions. In the first phase, the Reserve Bank has selected four banks namely State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank for this purpose. The rest of the banks will be included in a phase-by-phase manner.
Meanwhile, RBI is releasing the information about the release of e-Rupee. RBI is directly responsible for e-Rupee. The RBI has clarified that the scheme has been fully implemented only in phases. People can do e-rupee transactions using their mobiles. The next announcement will be made based on the current testing phase.
What you need to know about e-Rupee ?
Customers can transact using this system without using currency. It is a digital payment system. Transactions can be done using QR code or SMS based e-Rupee received on the customer's mobile phone. A customer will be able to transact without the help of digital payment apps, payment cards and internet banking by the users of this system. E-Rupee will work parallel to pre-received gift vouchers.
Central banks of various countries started thinking about digital currency when cryptocurrencies including Bitcoin started spreading. Central banks in 66 countries are experimenting with issuing digital currencies.
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