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Mumbai: Reserve Bank of India (RBI) will launch India’s first pilot for retail e-rupee or retail digital rupee (e₹) or E-Rupee on December 01, 2022, the central bank announced on Tuesday. The Digital Rupee (e₹) or E-Rupee is a digital version of the Indian Rupee. The RBI will issue it as a central bank digital currency (CBDC). The Digital Rupee was first proposed in January
Digital Rupee pilot for retail segment to commence on December 1
Users will be able to transact with the e-rupee through a digital wallet offered by participating banks and those that are stored on devices
The first phase will begin with four banks namely State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country.
The RBI is working on two fronts to test the central bank digital currency - one for the wholesale market that already has a pilot project underway and the other for the retail market that is to be launched soon.