Digital Rupee to be Launched in Bhubaneswar & 3 Other Cities on Dec 1

Finally, digital rupee will become a reality in India. Bhubaneswar is among the first four cities where the digital rupee will be initially available from December 1. The other three are Mumbai, New Delhi, and Bengaluru.

In the next phase, it will be available in cities like Ahmedabad, Gangtok, Huwajati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla. Later the digital rupee transaction will be extended to more users, and locations.

On December 1 the digital rupee will be first launched on a pilot basis. Through it, people will make payments using QR codes.

According to RBI sources, the e-Rupee would be in the form of a digital token that will represent legal tender. It would be issued in the same denominations that paper currency and coins are currently issued.

Digital rupee can be procured through intermediaries such as banks. Its transaction will be made through a digital wallet which will be provided by banks. According to the RBI digital rupee can be converted to other forms of money, like deposits with banks.