Know how to Use Digital Rupee – RBI launches Digital Rupee which is different from the physical bank notes and will be denoted as (e?). The Digital rupee (e?), is the trading name of Central Bank Digital Currency (CBDC), which is a digital form of bank notes issued by Reserve Bank of India with the support of selected banks in India. It is as like the physical bank notes but in the digital form and likely to be easier, faster and cheaper. This can be used for any purposes other than Cash withdrawal. This could be used for opening Fixed deposit, remittances, fund transfer, Payment, UPI QR payment etc.
RBI has selected few banks for the pilot launching of Digital currency from 1st Dec, they are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC.
Digital Rupee will help in direct payments from Indian customers, reducing transaction costs and enabling real-time account settlements. A digital rupee will expedite cross-border transactions and remove the requirement for opening a bank account.
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What is digital rupee?
Digital rupee which is a part of Central Bank Digital Currency (CBDC) is a digital form of bank notes issued by Reserve Bank of India. It is substantially not different from banknotes, but being digital it is likely to be easier, faster and cheaper. It also has all the transactional benefits of other forms of digital money.
How to Use Digital Rupee?
Digital Rupee will be used for large payments and settlements including NEFT, IMPS, RTGS etc. It will also be used for UPI merchant based payment or QR based payments. It will also be used as the settlement amount on the purchase and sale of government securities i.e. government bonds.
The Reserve Bank has said that it will be used for retail transactions from 1st December.
Features of Digital Rupee
- -CBDC will be the digital token of the country.
- – It will make business transactions easy.
- – Money transfers from smartphones will be quick and hassle-free.
– Digital Rupee will help get rid of the problem of fake currency. - – The cost of printing paper notes will be saved.
- – Digital currency will always be there after it is issued.
- – CBDC cannot be damaged.
