Everything you must know about Digital Rupee coming on Dec 1

By Srikanto Mandal 30 November, 2022

Digital Rupee or e-Rupee is a form of digital token that represents legal tender.

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e-Rupees are issued in the same denomination as paper currency and coins.

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According to RBI, common people will be able to use digital rupees or e-rupees from December 1.

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RBI has launched it as a pilot project in four cities including Mumbai, New Delhi, Bengaluru and Bhubaneswar.

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RBI has partnered with four banks including State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank.

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Four more banks will be added later - Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank, according to the RBI.

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Users can transact through digital wallets provided by eligible banks and through e-Rupees stored on mobile phones or devices.

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Later, the facility will be extended to many other Indian cities including Lucknow, Patna, Hyderabad, Indore, Ahmedabad, Gangtok, Guwahati, Kochi, and Shimla.

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Similar to online transactions, users will be able to make payments through e-Rupees using QR codes displayed at merchant locations.

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