RBI Begins Digital Rupee Testing In Bhubaneswar & 3 Other Cities, Releases List Of Supported Banks

New Delhi: Today, December 1, will mark the start of the first pilot program for the Reserve Bank of India’s (RBI) digital rupee (e₹-R). Earlier this week, the central bank declared that four institutions in four different locations throughout the nation will be the first to accept the digital currency: State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank.

Mumbai, New Delhi, Bengaluru, and Bhubaneswar will be the starting points for the testing, which would eventually spread to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla. In the following weeks, RBI will add more banks and locations.

According to the RBI, the e-Rupee will be offered as a digital token that serves as legal money. It will be distributed through middlemen like banks and printed in the same denominations as existing paper money and coins. In essence, E-Rupee will enable customers to store money in a digital wallet provided by the collaborating banks. Users will be able to easily access it at the time of the transaction because it will be saved on mobile devices.

RBI said in a release that “The pilot will test the robustness of the entire process of digital rupee creation, distribution, and retail usage in real-time. Different features and applications of the e₹-R token and architecture will be tested in future pilots, based on the learning from this pilot.”

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