Digital Rupee, e-Rupee, : The Reserve Bank of India (RBI) has started a pilot on the retail part of Central Bank Digital Currency (CBDC) or e-Rupee as it will be called.
The Reserve Bank of India (RBI) has increased the maximum amount of e-RUPI from Rs 10,000 currently to Rs 1 lakh. It has been further announced that the e-RUPI voucher can be used more than once until the amount is fully redeemed. The announcement has been done to ensure better delivery of benefits of central and state government schemes. This has been announced in the RBI monetary policy review here today. Beneficiaries can receive e-RUPI even without having a bank account and also on feature phones sans internet connection. Further, the delivery is contactless.
Contents
- What exactly is e-rupee?
- How many banks has RBI partnered with for this pilot launch of digital rupee?
- Will the digital rupee pilot be open to everyone?
- How will digital rupee work?
- Will more banks be added to the digital rupee fray?
- Roll out to selected locations
- Digital rupees can be used for transactions
- How to use digital rupees
- Eight banks will be involved
- The digital rupee has the same value as a paper note
- FAQ's – Frequently Asked Questions
- Will the digital rupee pilot be open to everyone?
What exactly is e-rupee?
How many banks has RBI partnered with for this pilot launch of digital rupee?
Will the digital rupee pilot be open to everyone?
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How will digital rupee work?
The RBI said digital rupees or e-rupees will be distributed to consumers and merchants through intermediaries such as banks. Users will be able to transact with e-Rupees through digital wallets offered by eligible banks and stored on the mobile phone or device.
The central bank said that digital rupees can be used for person-to-person (P2P) and person-to-merchant (P2M) transactions.
The user will be able to pay through e-Rupee using the QR code displayed at the merchant location, just like an online transaction.
“E-Rupee will offer features of physical cash like trust, security and settlement finality. In the case of cash, it will not earn any interest and can be converted into other forms of money, such as deposits with banks,” RBI said.
The RBI further said that the pilot will test "the robustness of the entire process of digital currency generation, distribution and real-time retail use". Based on learning from this pilot, various features and applications of the e-Rupee token and architecture will be tested in future pilots.”
Launching Of e-RUPI Digital Payment Platform
Will more banks be added to the digital rupee fray?
Going forward, the RBI announced, four banks will join the pilot. These are Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank.
Later, the facility will be extended to several Indian cities including Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla. Eventually, the feature will be available in other parts of the country. The official roll out time frame has not been announced yet.
"The scope of the pilot can be gradually expanded to include more banks, users and required locations," RBI said.
Roll out to selected locations
This digital currency of the Reserve Bank has been named Central Bank Digital Currency (CBDC). It will be rolled out from December 1 across select locations in the country, covering everything from consumer to merchant.
Digital rupees can be used for transactions
The e-rupee will act as a digital token. Central Bank Digital Currency (CBDC) is a digital form of currency notes issued by the Reserve Bank of India. It is fully legal and valid like currency notes. It can be used for transactions.
How to use digital rupees
e₹-R will be distributed by banks. Person-to-person or person-to-merchant transactions can be done through digital wallets. According to the Reserve Bank, users will be able to transact through digital rupees from banks' digital wallets stored in mobile phones or devices. If you need to pay a shopkeeper in digital form, it can be done through a QR code held by the shopkeeper.
Eight banks will be involved
Eight banks have been identified to participate in this pilot project. But the first phase will be launched by State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country. After this, Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will be included in this pilot project.
The digital rupee has the same value as a paper note
Its value will be the same as paper notes. You can also get paper notes if you want. The Reserve Bank has divided digital currencies into two categories, CBDC-W and CBDC-R. CBDC-W stands for wholesale currency and CBDC-R stands for retail currency. This step of the Reserve Bank is being considered important in the direction of developing India's economy in digital form.
Download e-RUPI Digital Payment Mobile App
- First of all open Google play store or Apple App Store in your mobile phone
- Now in the search box you have to enter e-RUPI Digital payment
- After that you have to click on search
- A list of apps will display before you
- You have to click on the first option
- After that, you have to click on install
- e-RUPI digital payment mobile app will download to your device
Procedure To Redeem e-RUPI Voucher
- The beneficiary has to show the e-RUPI QR code or SMS at the service provider outlet
- The salesperson requires to scan this QR code or SMS
- Now an OTP will be received through the beneficiary
- The beneficiary has to share this OTP with the service provider
- The service provider has to enter this OTP into the OTP box
- Now service provider has to click on proceed
- Payment will be made to the service provider
Contact The Department
- Visit the official website of the National Payments Corporation of India
- The homepage will open before you
- On the homepage click on get in touch option
- Now a new page will appear before you
On this new page you have to enter the following details:-
- Name
- Email Id
- Contact
- Subject
- Description
- Captcha code
- After that click on submit button
- By following this procedure you can contact the department
View Contact Details Of Offices Of NPCI
- Go to the official website of the National Payments Corporation of India
- The homepage will open before you
- Now you have to click on the get in touch option.
- A new page will open before you
- You have to scroll down
- At the bottom of the page, you can view the details of the offices of NPCI
Helpline Number
Through this article, we have provided you with all the important details regarding e-RUPI digital payment. If you are still facing any kind of problem then you can contact the department through its helpline number in order to solve your problem. The helpline number is 18001201740.
FAQ's – Frequently Asked Questions
A.Will the digital rupee pilot be open to everyone?
Actually, no. Initially, the pilot will cover only closed user group (CUG) with participating customers and merchants.
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