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Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank. 

Sanjay Malhotra Assumes Charge as 26th RBI Governor

Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank.

Sanjay Malhotra has officially taken over as the 26th Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das, whose tenure concluded on December 10. Malhotra assumed office at the Mint Street headquarters today and is set to address the media at 3 PM.
Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank. He is the second consecutive IAS officer to hold the position, bringing with him a robust background in public administration and finance.
A "Peacetime General" Takes Charge
Dubbed as a "peacetime general," Malhotra steps into the role at a time when India's economy is largely stable, though there is heightened anticipation of potential interest rate cuts in the near future. His three-year term will see him navigating a landscape shaped by global economic uncertainties and domestic growth aspirations.
Professional Credentials
 Malhotra, a 56-year-old IAS officer of the 1990 batch from the Rajasthan cadre, boasts an illustrious career. Prior to his appointment, he served as the Union Revenue Secretary, where he played a pivotal role in enhancing tax collections. He also held the position of Chairman and Managing Director at Rural Electrification Corporation (REC) Limited, contributing significantly to India's infrastructure development.
An alumnus of IIT Kanpur, Malhotra furthered his education with a master&rsquo;s degree in Public Policy from Princeton University, USA, equipping him with a blend of technical expertise and strategic acumen.
Outlook
 Malhotra&rsquo;s leadership is expected to focus on ensuring monetary stability, fostering economic growth, and addressing challenges in the financial sector. Stakeholders will keenly watch his initial decisions, especially regarding interest rates, as he begins his tenure.

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das Concludes Tenure as RBI Governor

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das is stepping down as the 25th Governor of the Reserve Bank of India (RBI) after a six-year tenure, with Sanjay Malhotra, the current Revenue Secretary, set to succeed him as the 26th Governor.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes.(1/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318590531510753?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 
&nbsp;
In a message on the microblogging platform X, Das expressed his gratitude for the opportunity to serve the country. He thanked Prime Minister Narendra Modi for the trust and guidance he received throughout his term. 
<blockquote class="twitter-tweet">
Immensely grateful to the Hon&rsquo;ble PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts. (2/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318979628708315?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 "I will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. I&rsquo;m deeply grateful to PM @narendramodi for allowing me the chance to serve the nation and for his continuous guidance and encouragement," Das wrote. 
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Heartfelt thanks to Hon&rsquo;ble FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years. (3/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866319259363578259?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
Das also expressed appreciation for Finance Minister Nirmala Sitharaman, highlighting the crucial role of fiscal and monetary coordination during his tenure. "My heartfelt thanks to Hon&rsquo;ble FM @nsitharaman for her unwavering support. The fiscal-monetary coordination between us helped in overcoming multiple challenges in the past six years," he added.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organisations in the agriculture,cooperative &amp; service sectors for their inputs and policy suggestions. (4/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866320790611996873?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility. My best wishes to each one of you. (5/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866321083986542871?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
&nbsp;
Reflecting on his time at the helm of RBI, Das thanked his colleagues at the central bank for their collective efforts in navigating a difficult period. "A big thank you to Team RBI for successfully steering the institution through unprecedented global shocks. I wish RBI continued growth as a pillar of trust and credibility," he said.
Das&rsquo; leadership saw RBI through numerous significant events, including the aftermath of demonetization, the COVID-19 pandemic, and the challenges posed by global inflation, leaving a lasting impact on India&rsquo;s economic stability.

The award recognizes the RBI for its efforts in enhancing risk culture and awareness

Reserve Bank of India given Risk Manager of the Year Award 2024

The award recognizes the RBI for its efforts in enhancing risk culture and awareness

The Reserve Bank of India on Sunday said it has been awarded the Risk Manager of the Year Award 2024 by the London-based publishing house Central Banking.
It was awarded the best risk manager for improving its risk culture and awareness, RBI said in a post on X.
<blockquote class="twitter-tweet">
The Reserve Bank of India has been awarded the Risk Manager of the Year Award 2024 by Central Banking, London, UK. RBI was awarded the best risk manager for improving its risk culture and awareness. Executive Director Shri Manoranjan Mishra received the award on behalf of the&hellip; <a href="https://t.co/r9nmpWgQqn">pic.twitter.com/r9nmpWgQqn</a>
&mdash; ReserveBankOfIndia (@RBI) <a href="https://twitter.com/RBI/status/1802217522164355275?ref_src=twsrc%5Etfw">June 16, 2024</a> </blockquote>
In a post on X, the RBI announced that Executive Director Manoranjan Mishra accepted the award on behalf of the organization.&nbsp;
The award was received by Executive Director Manoranjan Mishra on behalf of the RBI, it said.

In its latest update, IMF expects India to contribute 16 per cent of global growth, the second largest share in the world in terms of market exchange rates

India can achieve 10% growth rate in next decade: RBI Deputy Governor

<h2>In its latest update, IMF expects India to contribute 16 per cent of global growth, the second largest share in the world in terms of market exchange rates</h2>

India can achieve a growth rate of 10 per cent in the next decade and become the second-largest economy by 2032 and the largest by 2050, given the energies and transformation driving the nation to overcome its challenges, said RBI Deputy Governor Michael Debabrata Patra.
He was delivering a keynote address on The Indian Economy: Opportunities and Challenges at Nomura&rsquo;s 40th Central Bankers Seminar in Kyoto, Japan on March 25.
India&rsquo;s growth trend is on the cusp of a post-pandemic upshift, with early signs of it rising above 7 per cent recorded during the 2000s before COVID-19 struck, he said.
"India&rsquo;s recent growth performance has surprised many, triggering a flurry of upgrades. For instance, the International Monetary Fund (IMF) has cumulatively revised its forecast for 2023 upwards by 80 basis points between April 2023 and January 2024," Patra said.
In its latest update, IMF expects India to contribute 16 per cent of global growth, the second largest share in the world in terms of market exchange rates.
By this metric, India is the fifth largest economy in the world and positioned to overtake Germany and Japan within the ensuing decade.
In purchasing power parity (PPP) terms, the Indian economy is already the third largest in the world.
The tailwinds driving the growth, the deputy governor said, include favourable demography, the rupee being among the least volatile currencies in 2023, and transformative change leveraged on technology.
Patra further said inflation in India is moderating after surging on multiple and overlapping supply shocks from the pandemic, weather-induced food price spikes, supply chain disruptions and global commodity price pressures following the Russia-Ukraine conflict.
However, inflation in India peaked early in response to coordinated monetary-fiscal policies to anchor inflation expectations and dissipate idiosyncratic food price pressures, he said, adding that inflation has fallen back into the tolerance band since September 2023.
"Given the innate strengths, I described and the energies and transformation that are driving the nation to overcome its challenges and achieve its aspirational goals, it is possible to imagine India striking out into the next decade with a growth rate of 10 per cent.
"If this is achieved, India will become the second largest economy in the world not by 2045 as shown earlier, but by 2032 and the largest economy by 2050," Patra said.

Majority of the RBI MPC members believe that the work on inflation is not yet over and that especially since growth remains strong, it is not yet time to cut the repo rate.   




RBI Monetary Policy Committee meet minutes reveal continued focus on bringing inflation down

Majority of the RBI MPC members believe that the work on inflation is not yet over and that especially since growth remains strong, it is not yet time to cut the repo rate.&nbsp; &nbsp;
&nbsp;

The minutes of the RBI Monetary Policy Committee (MPC) meet have been released. The minutes show that majority of the MPC members continue to remain focussed on ensuring that inflation reaches the RBI target of 4%.&nbsp; During the recent monetary policy committee meet held from February 6th - 8th, it was decided to keep the repo rate unchanged at 6.5% for the 6th time in a row. It also decided to remain focused on the withdrawal of accomodation stance.&nbsp; Five of the six committee member voted to keep the repo rate unchanged, while there was one vote to cut the repo rate by 25 basis points.&nbsp; Dr Shashanka Bhide voting for a status quo on the rates said that transmission of previous increases in rates are still not complete and it must be ensured that the inflation target is achieved in a sustained way.&nbsp; Dr Ashima Goyal also voting for repo rate to remain at 6.5% said that since growth continues to be strong and headline inflation is still near the upper end of the tolerance band, we can wait slightly longer to ensure the inflation continues to move lower. Prof Jayant Varma, who voted for a cut of 25 basis points and for a change of stance to neutral said that the time had come for the MPC to send a clear signal that it takes its dual mandate of inflation and growth seriously. He points out "Inflation is projected to average 4.5% in 2024-25, and, therefore, the current policy rate of 6.5% translates into a real rate of 2%. I do not believe that such a high real rate is required at this stage to drive inflation down to the target of 4%.".&nbsp; Dr Rajiv Ranjan, also voting for a status quo in the repo rate said that successfully managing the final descent of inflation is the most challenging part.&nbsp; Adding that avoiding any pre-mature move will help guard against the biggest challenge to credibility, i.e., having to backpedal later if faced with upside surprises to inflation.&nbsp; Dr. Michael Debabrata Patra while voting for a status quo on rates, says that It is only when inflation subsides and stays close to the target lastingly that policy restraint can be eased. Governor Shaktikanta Das says that since growth is holding firm and inflation trending down "monetary policy must remain vigilant and not assume that our job on the inflation front is over".&nbsp;

Reserve Bank of India Governor Shaktikanta Das has been named 'Governor of the year' by the international economic journal Central Banking. 

RBI Governor Shaktikanta Das named 'Governor of the Year'

Reserve Bank of India Governor Shaktikanta Das has been named 'Governor of the year' by the international economic journal Central Banking.&nbsp;

For his steady leadership during challenging times, including the COVID-19 pandemic and the inflationary impact of Russia's invasion of Ukraine, Reserve Bank of India Governor, Shatikanta Das has been named 'Governor of the Year' by Central Banking.&nbsp; Central Banking Publications is a financial publisher specialising in public policy and financial markets, with an emphasis on central banks, and international financial institutions.
Das was commended for steering the central bank deftly between intense political pressures and economic disaster. He insisted that 'sunset clauses' be applied to most of the RBI's COVID-19 interventions and provided targeted liquidity to key sectors, foreign exchange, and more generous terms to state governments on their overdraft facilities.
Under Das's leadership, the RBI implemented critical reforms, introduced innovative payment systems, and provided growth-supportive measures during the pandemic.&nbsp; Back in 2015, RBI former governor Raghuram Rajan was also conferred the same title.&nbsp;
&nbsp;
&nbsp;

Retail inflation has eased slightly to 6.44% in February versus 6.52% in January. However, it remains above the upper end of the Reserve Bank of India's comfort zone. 

Retail inflation eases marginally to 6.44% in February 

Retail inflation has eased slightly to 6.44% in February versus 6.52% in January. However, it remains above the upper end of the Reserve Bank of India's comfort zone.&nbsp;

Consumer Price Index or retail inflation has come in at 6.44% for the month of February, which is higher than what economists were expecting. Although this number is marginally lower than January's 6.52%, it is still well above the upper end of Reserve Bank of India's target of 6%.&nbsp;
Food inflation came in at 5.95%, within foods it was cereals that saw the highest spike, coming in at 16.73%. Meanwhile prices in the fuel and light segment rose by 9.9%.&nbsp; Core inflation has remained above the 6% mark for over a year now.
RBI has been aggressively increasing the repo rate in an effort to curb inflation. Interest rates have been hiked by 250 basis points (2.5%) since May 2022. In the previous credit policy announcement, RBI governor Shaktikanta Das made it clear that further rate hikes could not be ruled out. The governor also said that inflationary pressures remained a concern and that the there would be no easing up in the fight against inflation.&nbsp;

Reserve Bank of India (RBI) is keeping a close eye on loans to the Adani group: report 

RBI eyes Adani's loans closely 

Reserve Bank of India is keeping a close eye on loans to the Adani group: report&nbsp;

The Reserve Bank of India is closely monitoring loans given out to Adani group of companies. As per a report by Mint, lenders have been asked to provide weekly updates on their financial exposure to the group.&nbsp;
Last month, RBI asked banks to share data on exposure to the Adani group after US-based short seller Hindenburg Research alleged accounting fraud and stock manipulation at its companies.
Its been a month since US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation on Adani Group. Accusations which the group has strongly denied. However, the conglomerate has shed more than $120 billion in market value since the allegations were made on 24 January.&nbsp;

The minutes of RBI's monetary policy committee meet shows that the members were divided over inflation concerns. While majority belived that it is too early to lower the guard against inflation, 2 members felt that this rate hike was not warranted.



MPC Minutes: Too soon to lower guard against inflation, say majority of members

The minutes of RBI's monetary policy committee meet shows that the members were divided over inflation concerns. While majority belived that it is too early to lower the guard against inflation, 2 members felt that this rate hike was not warranted.
&nbsp;
&nbsp;

The minutes of the February monetary policy committee meet clearly show that inflation was the overarching worry for a majority of the MPC members. However, there was some difference of opinion as to the extent of concerns of inflation. While 4 members voted for the 25 basis points rate hike that was announced, 2 members voted for a pause in the rate hikes.&nbsp; Dr Ashima Goyal was of the opinion that it time should be given for a possible softening of both inflation and growth as well as to allow the effects of past monetary tightening to play out. Echoing a similar view, Prof Jayant Verma said that the 25 basis points rate hike was not warranted given diminished inflationary expectations, and heightened growth concerns.&nbsp;
However, RBI Governor Das said that the committment to bring down inflation must be unwavering, while being mindful of growth. On future action, the governor pointed out that it would be inadvisable to provide a specific guidance when the uncertainty is so high.&nbsp;&nbsp;
Similarly, Dr. Shashanka Bhide highlighted the importance of reducing demand pressure given the persistance of core inflation. Dr. Rajiv Ranjan said that "it will be premature to pause when there are no definitive signs of slowdown in inflation, particularly core inflation".&nbsp;
Meanwhile, Dr. Michael Debabrata Patra voiced a similar sentiment and also highlighted that the fight against inflation is complicated by the global outlook.&nbsp;

Police have booked the manager of PNB's New Mandi branch in Muzaffarnagar.

Fake ₹50 notes found in Punjab National Bank branch in UP; manager booked, say police

Police have booked the manager of PNB's New Mandi branch in Muzaffarnagar.

A fake currency controversy has erupted after counterfeit notes were allegedly found in a Punjab National Bank branch in Uttar Pradesh.
Police have booked the manager of PNB's New Mandi branch in Muzaffarnagar. 27 counterfeit currency notes of ₹50 denomination were allegedly found in the bank chest.
Police filed a case after the Reserve Bank of India's regional office in Kanpur filed a complaint. The fake notes were reportedly found in January 2023.
Also Watch: <a href="https://www.editorji.com/india-news/local/delhi-govt-s-warning-to-bike-taxis-jail-fine-licence-suspension-threats-for-2-wheelers-commercial-use-1676867929572">Delhi govt's warning to bike taxis: jail, fine, licence suspension threats for 2-wheelers' commercial use</a>

RBI's consumer confidence survey shows a marked improvement in consumers' expectations of the overall economic scenario in the year ahead. Consumer confidence hit rock-bottom in mid 2021 during the pandemic. 

RBI: Consumer confidence sees further improvement 

RBI's consumer confidence survey shows a marked improvement in consumers' expectations of the overall economic scenario in the year ahead. Consumer confidence hit rock-bottom in mid 2021 during the pandemic.&nbsp;

Reserve Bank of India's latest consumer confidence survey shows improved sentiment about the general economic scenario for the current period as well as for the year ahead. However, despite an improvement, and the fact that overall consumer confidence has been moving in an upward trajectory, the current perception of consumers still remains in the pessimistic zone. Future expectations of consumers, meanwhile, has seen a sharp improvement and is in the optimistic zone.&nbsp;&nbsp;
"Consumers&rsquo; sentiment on current expenses witnessed some moderation but their expectations on overall spending improved marginally for both essential and non-essential items", the survey said.&nbsp; 52.1% of the respondents' perception of the current general economic situation has worsened but 50.2% expect it will improve in the year ahead. For employment as well, 49.9% feel the situation has worsened, but 51.8% expect the employement scenario to improve in the year ahead.&nbsp;&nbsp;
The consumer confidence survey assesses consumers&rsquo; sentiment about the general economic situation, employment scenario and their own spending and savings capability. An index value below 100 shows pessimism, while a value that's above 100 reflects optimism.&nbsp;
Consumer confidence has been on the rise ever since it hit rock bottom in mid-2021, amid the pandemic.
&nbsp;

The Reserve Bank of India hiked the repo rate by 25 basis points. The credit policy announcement also included a slew of other measures including penal charges on loans, draft rules for which will soon be announced. 

Soon, rules for penal charges on loans, QR code based coin vending machines by RBI 

RBI's credit policy announcement also included a slew of other measures including penal charges on loans, draft rules for which will soon be announced. 

The Reserve Bank of India hiked the repo rate by 25 basis points. The credit policy announcement also included a slew of other measures including penal charges on loans, draft rules for which will soon be announced.&nbsp;

RBI governor announced a slew of additional measures during the credit policy announcement.
Guidelines for levying penal charges on loans&nbsp; The central bank will soon issue draft guidelines to standardise the process of levying penal charges on loans. The governor pointed out that currently, the penal charges levied are not uniform and in certain cases are even excessive. These guidelines will help enhance transparency and consumer protection. Once the draft guidelines are ready and before being finalised, stakeholders will have the opportunity to put forth their comments and suggestions.
Climate Risk &amp; Sustainable Finance&nbsp; RBI will issue guidelines related to climate change risk. Basis the feedback on the discussion paper, RBI has decided to put in place guidelines for:&nbsp; 1. Framework for accepting green deposits&nbsp; 2. Disclosure framework on climate-related financial risks&nbsp; 3. Guidance on climate scenario analysis and stress testing&nbsp; RBI governor said, &ldquo;These measures will ensure that out financial system starts developming and building in the forces of resilience to withstand any possible emergency of vulnerability to climate change&rdquo;.
UPI facility for foreign travellers to India&nbsp; The Reserve Bank on Wednesday allows inbound travellers from G20 nations arriving at select airports to use UPI for making payments in the country. This facility will later be extended to travellers from other countries as well.
QR Code based Coin Vending Machine To increase accessibility to coins, RBI will launch a pilot project on QR code based coin vending machine. These machines will dispense coins against a debit to a customer's account using UPI. The pilot will be launched in 12 cities.&nbsp;

RBI says that the exposure of banks and NBFCs to the Adani group is not very significant, and that the exposure against shares is insignificant. Governor Das said that the Indian banking system is too resilient to be affected by an individual inciden

RBI: Banks' exposure to Adani group not significant, exposure to shares is insignificant

RBI says that the exposure of banks and NBFCs to the Adani group is not very significant, and that the exposure against shares is insignificant. Governor Das said that the Indian banking system is too resilient to be affected by an individual incident or a case like this.

RBI says that banks' &amp; NBFC exposure to the Adani group is not very significant, and that the exposure against shares is insignificant. Governor Das said that the banking system is too resilient to be affected by an individual incident or a case like this.

During the RBI&rsquo;s post credit policy press conference, the RBI governor addressed the controversy surrounding the Adani group. Responding to a specific question on the banking &amp; NBFC industry&rsquo;s exposure to Adani group stocks, the governor reiterated the resilience of the Indian banking sector.&nbsp;
Without naming the Adani group, he said, &ldquo;The Indian banking sector, including the NBFC sector continue to be resilient and strong&rdquo;. The governor went on to outline several steps taken by the RBI to regulate governance of banks. He said, &ldquo;In the last 3-4 years, RBI has taken a number of steps to strengthen the resilience of Indian banks. We have issued guidelines about the functioning of audit committees, for functioning of the risk management committees. We have now made it mandatory for the appointment of a Chief risk officer and a chief compliance officer in banks. We have also rationalised the large exposure norms in the past few years.&rdquo;&nbsp;
Responding to another question, Governor Das said that RBI has carried out its own assessment and that the large exposure guidelines by the central bank are fully complied with. &ldquo;The strength, size and resilience of the Indian banking system is much larger and much stronger to be affected by an individual incident or a case like this". The governor went on to say that this perception was because of the market capitalisation of the group. However, when banks lend money to a company, it is not based on market cap but on things like fundamentals of the company, anticipated cash flows etc.&nbsp;
Adding the what the Governor said, Deputy governor M.K Jain, said that the exposure of banks and NBFCs to the Adani group is not very significant. He also termed the exposure against shares as &lsquo;&lsquo;insignificant&rsquo;&rsquo;.&nbsp;
On Friday, The Reserve Bank of India issued a statement saying that as per its current assessment, the banking sector remains resilient and stable. RBI says &ldquo;there have been concerns over exposure of banks to a business conglomerate.&rdquo; The statement goes on to say that the RBI maintains a constant vigil and continues to monitor the banking sector.

Inflation is finally easing, after 3 quarters of inflation being above 6%. An SBI report says that retail inflation will fall to 5% by March.  



Retail inflation likely to fall to 5% by March: SBI Report

Retail inflation in India saw a marginal decline to 5.72% in December. An SBI research report says that inflation is likely to fall to 5% by March. 

Retail inflation in India saw a marginal decline to 5.72% in December. An SBI research report says that inflation is likely to fall to 5% by March.&nbsp;

For the most part of last year, retail inflation was well above the 6% mark and above the Reserve Bank of India's comfort zone. A new SBI research report says that inflation is likely to fall to 5% by March. Retail inflation for the month of december came in at 5.72%, marginally lower than 5.88% in November 2022 and down from 6.77% in October 2022.&nbsp;
The SBI report by SBI Group Chief Economic Advisor Soumya Kanti Ghosh says that "CPI inflation fell to a 12-month low of 5.72 per cent in December 22, along expected lines, primarily due to huge decline in vegetable prices".&nbsp; The report goes on to say, "Against the evolving landscape, we see little incentive for further (repo) rate hike, with synchronised past actions on rate front yet to show the full impact".&nbsp;
Remember, RBI has undertaken aggressive rate hikes, to the extent of 225 basis points, in an effort to curb inflationary pressures.&nbsp;&nbsp;
&nbsp;
&nbsp;

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

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
Also read|<a style="color: rgb(53, 152, 219);" href="https://www.editorji.com/business-news/forbes-100-indian-richest-2022-gautam-adani-bagged-top-spot-1669722989653">Forbes 100 Indian richest 2022; Gautam Adani bagged top spot</a>
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

reserve bank of india

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