E-Rupee Launched: 1.71 crore transactions took place on the very first day, E-Rupee facility will be available in these four banks


Posted on 2nd Dec 2022 04:02 pm by rohit kumar

The Reserve Bank of India has started the pilot test of the digital rupee in four major cities of the country Delhi, Mumbai, Bengaluru, and Bhubaneswar. 1.71 crore digital rupees were demanded from the selected banks for the project. Customers and merchants will be able to transact with four banks State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. As per the demand of the banks, the central bank issued a digital rupee.

 

E-Rupee issued by RBI is based on digital tokens. It can be issued by the central bank only and has the same value as bank notes. It is issued in 2000, 500, 200, 100, 50, and other legal denominations like paper notes.

 

This digital rupee will be safe in a special e-wallet, which will be provided by the banks selected for the project. This wallet will be issued by the bank, but the responsibility of monitoring it will be complete with the central bank of the country, RBI.

 

E-Rupee can be used in both P2P (Person to Person) and P2M (Person to Merchant) modes. Its use will also get rid of unnecessary charges incurred in payments made through UPI and other online means.

 

What is the opinion of economic experts on the digital rupee?

About Digital Rupee Mahesh Shukla, CEO and Founder of Pay-Me believes that Digital Rupee is a digital version of the traditional currency that people use daily. In this way, you can keep the money safe in digital format. It is based on blockchain technology, in which the rupee is treated like a cryptocurrency, reducing the cost of currency maintenance. With this, you will get security, as well as the government will need to make fewer notes in the future because the digital rupee will be considered a form of cash currency.

 

At the same time, according to Rachit Chawla, CEO of Finway FSC, E-Rupee is a new form of digital token. It differs from cryptocurrency in that it is issued in the same denomination as traditional currency, and cryptocurrency has its denomination. For example, a bitcoin unit may have a denomination of 0.001 while the digital currency will be available in 1, 5, 10, 20, 50, and other denominations available for physical currency. Using Digital Rupee you can send money to any person or pay any bill.

 

Also Read: RBI Digital Currency: Digital Rupee for the common man from tomorrow, know how it will work, what are its benefits?

1 Like 0 Dislike
Previous news Next news
Other news

High-level meeting on the security of Jammu and Kashmir: Amit Shah told the officers – to adopt the policy of zero tolerance against terrorism

Home Minister Amit Shah on Wednesday held a high-level meeting in Delhi on the issue of security

Coronavirus in Japan: Japan's condition is worse than China's due to Corona, more than 2 lakh cases found in a day

Due to the rapid increase in the cases of corona in China, people all over the world are now beco

SRH vs RR: 'Was thinking about Super Over', Pat Cummins made a big revelation after registering a dramatic win over Royals.

Sunrisers Hyderabad captain Pat Cummins said that he was thinking about the Super Over.

West Bengal: 'Assembly elections should be held next year under President's rule', statement of Shubhendu Adhikari

Leader of Opposition in West Bengal Assembly Shubhendu Adhikari has demanded that next year's Ben

UPPSC UP PCS Prelims Result 2023 Out: UPPSC PCS preliminary exam result released, 4047 qualified

UPPSC PCS Prelims Result 2023 Out: Uttar Pradesh Public Service Commission (UPPSC) soon declared

Rahul Gandhi: 'This is not in Rahul Gandhi's control', Union Minister said - he has a hatred for PM Modi in his mind

Union Minister Kiren Rijiju has made a scathing attack on Congress leader Rahul Gandhi. He said t

Murshidabad violence: 'We don't want the house or money... will the husband and son come back?' The pain of Parul who lost her loved ones

At the end of Murshidabad's Jafarabad village is the house where the rioters killed the father an

PM Modi Gujarat Visit: 'I dedicate the success of Maha Kumbh to Lord Somnath', PM Modi after offering prayers at the temple

Prime Minister Narendra Modi on Sunday offered prayers at the Shri Somnath Jyotirlinga temple in

Weather Update: IMD's Orange Alert for Kashmir-Himachal and Uttarakhand, how will be the weather in Delhi-UP and Bihar

Due to snowfall in the mountains and rain in the plain states, the cold has increased once again.

Anushka Sharma called Rohit and hugged him congratulating the Indian players in this style

The day of 9 March 2025 will be very special and memorable for the Indian team and fans. The Indi

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash