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RBI retail digital rupee
December 5 , 2022
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- The retail pilot of the Reserve Bank of India’s (RBI) digital currency went live on December 1, 2022.
- It is advertised as e-Rupee or digital rupee.
- The RBI's central bank digital currency (CBDC) is an electronic form of sovereign currency.
- Retail digital rupee can provide access to safe money for payment and settlement as it is a direct liability of the central bank.
- Eight banks have been identified for phase-wise participation in the retail pilot of the digital rupee in four cities across the country.
- In the first phase, four banks including State Bank of India, ICICI Bank, YES Bank, and IDFC First Bank will take part in the pilot launch.
- The pilot will initially cover four cities — Mumbai, New Delhi, Bengaluru, and Bhubaneswar.
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