RBI to launch digital rupee trial from tomorrow; Do you know how to use this currency? Here is the information
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New Delhi: RBI will start piloting digital rupee from December 1.
This will provide a new opportunity for financial transactions.
Digital Rupee Union Finance Minister Nirmala Sitharaman announced in the last Union Budget. This pilot project will not be available in all regions. First it will be started only in some regions. RBI said that the experiment will be expanded in a phased manner.
Digital Rupee will first be piloted in four major cities by State Bank of India, ICICI Bank, Yes Bank and IDFC Bank. It will be rolled out in other banks in a phased manner.
First Digital Rupee will be launched in New Delhi, Bangalore, Mumbai, Bhubaneswar on trial basis. In the second phase, Retail Digital Rupee will be launched in Ahmedabad, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, Shimla.
How to use it?
Digital Rupee is in the form of a digital wallet. It is a digital variant of paper currency issued by banks. Simply put, it is an electronic form of money. These digital rupees in digital wallets offered by banks can be sent by customers through mobile phones from person-to-person or person-to-merchant using a QR code.
Just like paper currency, digital rupee is issued through banks. Users have to use a digital wallet through a participating bank and store it on their mobile phone. Payments can be made to merchants using QR codes at merchant locations.