Close Menu
PNN DigitalPNN Digital
    Facebook X (Twitter) Instagram
    PNN DigitalPNN Digital
    • Business
    • National
    • Entertainment
    • Lifestyle
    • Education
    • Press Release
    • Submit Your PR
    PNN DigitalPNN Digital
    Home - Business - RBI’s Retail Pilot of the Digital Rupee Goes Live in India’s 4 Metro Cities
    Business

    RBI’s Retail Pilot of the Digital Rupee Goes Live in India’s 4 Metro Cities

    PNN Online DeskBy PNN Online DeskApril 8, 2023No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    New Delhi (India), April 8: As expected, the pilot for the retail digital rupee was launched in Mumbai, New Delhi, Bengaluru and Bhubaneswar on December 1, 2022. The retail digital rupee project started in a closed user group with the participation of four leading lenders, including State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. Later, it will be extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla. The scope of the pilot may be expanded gradually to include more banks, users and locations as needed.

    What is the Digital Rupee? According to the concept note, the Central Bank Digital Currency (CBDC) is the Reserve Bank of India’s official form of currency. The regulator stated that the RBI’s CBDC, also known as the Digital Rupee or e-Rupee, is interchangeable one-to-one at par with the fiat currency and is the same as a sovereign currency.

    As per the central bank digital currency (CBDC) tracker, almost 105 countries representing 95% of the world GDP have taken steps to inculcate digital currency in their ecosystem.50 countries are at the advanced phase of exploration to launch the digital currency, while 10 countries have fully launched the digital currency.

    The founder of Shree Consultants Kishore Subramanian clarifies that the difference between digital currency and UPI is that digital currency is like physical currency issued by the central bank and is the RBI’s liability whereas UPI is a means of payment. Any transaction through UPI is the respective bank’s liability.

    The e-Rupee would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued. It would be distributed through intermediaries, i.e., banks. Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones devices. Transactions can be both Person to Person (P2P) and Person to Merchant (P2M). Payments to merchants can be made using QR codes displayed at merchant locations.

    Hemant Jain, vice president of the PHDCCI in his welcome address stated that the Central Bank’s digital currency is based on the principles of trust, safety, liquidity, and integrity. He informed that the switch over to digital currency will plug the loopholes and eventually wipe out all the black money in the system. This will also help the CBDC to remove ₹4,984.80 crore in security printing costs borne by the general public, businesses, banks, and RBI on physical currency.

    To summarise, The digital rupee is not a cryptocurrency and is probably the most far removed from a cryptocurrency. The digital rupee is simply physical money converted to digital money. This will not only enhance and improve the daily convenience in our lives but it will also propel our country and economy forward in the coming decade.

    If you have any objection to this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 24 hours.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    PNN Online Desk
    • Website

    Related Posts

    CareerLane: A Game-Changer for Student Placements by Grey Goose

    July 3, 2025

    Celebrating Excellence: Mr. Suhas Govindrao Palange Honored as National Icon of the Year 2025

    July 3, 2025

    Powering Progress with the Sun: Mr. K. Chandrashekhar National Icon Award Winner 2025 | Best Solar Power Provider for Commercial & Institutional Sectors Managing Partner, Pragathi Power Solutions | Tirupati, Andhra Pradesh

    July 3, 2025
    Add A Comment

    Comments are closed.

    Recent Posts
    • CareerLane: A Game-Changer for Student Placements by Grey Goose
    • Celebrating Excellence: Mr. Suhas Govindrao Palange Honored as National Icon of the Year 2025
    • Powering Progress with the Sun: Mr. K. Chandrashekhar National Icon Award Winner 2025 | Best Solar Power Provider for Commercial & Institutional Sectors Managing Partner, Pragathi Power Solutions | Tirupati, Andhra Pradesh
    • Championing Fitness Excellence: Mr. Gobinda Saha National Icon Award Winner 2025 | Best Fitness Studio in Tripura Founder, G.S Fitness Platinum | Tripura
    • White Gold in the Making: Mr. Nafees Ashraf Khan — National Icon Award Winner 2025

    CareerLane: A Game-Changer for Student Placements by Grey Goose

    July 3, 2025

    Celebrating Excellence: Mr. Suhas Govindrao Palange Honored as National Icon of the Year 2025

    July 3, 2025

    Powering Progress with the Sun: Mr. K. Chandrashekhar National Icon Award Winner 2025 | Best Solar Power Provider for Commercial & Institutional Sectors Managing Partner, Pragathi Power Solutions | Tirupati, Andhra Pradesh

    July 3, 2025

    Championing Fitness Excellence: Mr. Gobinda Saha National Icon Award Winner 2025 | Best Fitness Studio in Tripura Founder, G.S Fitness Platinum | Tripura

    July 3, 2025

    White Gold in the Making: Mr. Nafees Ashraf Khan — National Icon Award Winner 2025

    July 3, 2025

    Paramatrix Technologies Wins Deal with Leading NBFC for BI Platform XSIGHT

    July 3, 2025
    PNN Digital
    2025 © pnn.digital

    Type above and press Enter to search. Press Esc to cancel.