RBI to launch retail e? pilot on Dec 1

Corporate Laws

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Dec 05, 2022 

The Reserve Bank of India has announced the launch of the pilot project for retail digital rupee on December 1, 2022, informed RBI in an official press release.

According to the release, users will be able to transact with e?-R through a digital wallet offered by the participating banks and stored on mobile phones and devices. The pilot would cover select locations in closed user groups (CUG) comprising participating customers and merchants. “The e?-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued. It would be distributed through intermediaries, i.e., banks,” RBI noted.

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