Highlights

  • Initially four banks- SBI, ICICI Bank, Yes Bank and IDFC First Bank will issue digital tokens
  • Pilot launch in Mumbai, New Delhi, Bengaluru and Bhubaneswar
  • Transactions can be both person to person (P2P) and person to merchant (P2M)

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What is retail digital rupee?

The retail e-rupee will be an electronic version of cash, and will be primarily meant for retail transactions

What is retail digital rupee?

The Reserve Bank of India will launch the first pilot for retail digital Rupee on December 1

A central bank digital currency is the digital form of govt issued currency

This digital 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 and would be distributed through banks

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Users will be able to transact with retail digital rupee through a digital wallet offered by banks and stored on mobile phones

The first pilot will be launched in Mumbai, New Delhi, Bengaluru and Bhubaneswarand later expand it to nine more cities in the initial phase

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