Why Introducing Retail E Rupee is a Huge Step Forward for RBI?

 


Original Content- Business Upside India 

The Reserve Bank of India (RBI) plans to introduce the Central Bank Digital Currency for retail sales. Almost a month after the commercial e-rupee introduction, CBDC-R, or retail e-rupee, launched. Retail e-rupee of RBI will be released in four metropolitan cities, including Delhi and Mumbai, in a manner comparable to the latter’s introduction.

According to official updates, the RBI’s digital money India project would encompass a few sites in a closed user group, consisting of engaged customers and merchants, as it is the pilot launch of CBDC-R. Some institutions, including the State Bank of India (SBI), ICICI Bank, IDFC Bank, HDFC Bank, and others, are anticipated to participate in the initial phase.

So, what is e rupee? According to RBI, the e-rupee is just an existing digital version of the Indian rupee. The central bank commented on its reasons for implementing the CBDC, its design, and different technical concerns. In addition to the policy aspects of this significant move in its concept note, the previously Indian digital currency launch date was October 7.

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