Digital Rupee coming on Dec 1, here is everything to know about it

Digital Rupee or e-Rupee is a form of digital token that represents legal tender. Unlike cryptocurrencies, the digital Rupee is issued in the same denominations as paper currency and coins. 

In Short

  • RBI announced the launch of the first pilot for retail digital Rupee.
  • The first pilot of Digital Rupee or e-rupee will launch on December 1.
  • RBI has partnered with four banks across four cities initially.Digital Rupee coming on Dec 1

 The Reserve Bank of India (RBI) on Tuesday announced the launch of the first pilot for retail digital Rupee or e-rupee on December 1. To start with, the RBI has partnered with four banks including State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank in Mumbai, New Delhi, Bengaluru, and Bhubaneswar. Initially, RBI said, the pilot would cover only the closed userDigital Rupee coming on Dec 1 group (CUG) comprising participating customers and merchants.

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