India's First Digital Currency e-Rupee.
Reserve Bank Of India officially launched e-Rupee on 1.12.2022
Digital Rupee as a central bank digital currency (CBDC) which will act like an official cryptocurrency.
This retail Central Bank Digital Currency (CBDC) would be in the form of a digital token that represents legal tender.
What is e-Rupee ?
NPCI is in association with Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and partner banks, has launched an innovative digital solution – ‘e-RUPI
What is e-Rupee
The transactions of retail digital rupee will be carried out through a digital wallet on mobile phones and other devices.
Indian Official Own Cryptocurrency.
Four cities– Mumbai, New Delhi, Bengaluru and Bhubaneswar will be covered for pilot project.
First Four Cities Allowed in project.
later it would be extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.
More Cities will be in second phase operation.
Customers and merchants in the CUG in these cities will be able to use the e-rupee or digital rupee.
SBI, ICICI, Yes, IDBI First Bank are first to Operate.
Four more banks BOB, Union Bank of India, HDFC and Kotak Bank will join in second phase project,
More Banks Joins.
Digital Rupee or e-Rupee is the digital version
The retail digital currency will be distributed through banks. Transactions in digital currency can be carried out between person-to-person (P2P) and person-to-merchant (P2M).
Participate Bank in First Phase.