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RBI’s Retail digital rupee pilot kicks off today: Five things to know

RBI said on November 29 while announcing the pilot that the implementation will be done in phases with a few banks and cities to start with and the scope will eventually be expanded.

December 01, 2022 / 01:56 PM IST
Representative Image

Representative Image

A month after the Reserve Bank of India (RBI) launched the pilot for a wholesale central bank digital currency (CBDC), it has kick-started the pilot for the retail version which goes live today. The retail digital rupee, or e₹-R, can be used by people for day-to-day transactions.

With both wholesale and retail pilots live in the country, the RBI has joined 17 other central banks including those of China and South Korea whose pilots are underway. Over 60 central banks have expressed interest in launching their own digital currency and a total of 105 countries are at various stages of exploring the technology. With these pilots, India joins a global movement which is being seen as the next step of the evolution of currency.

The RBI on November 29 while announcing the pilot said that the implementation will be done in phases in partnership with a few banks and in some cities to start with and the scope will later be scaled up.

The pilot will be implemented among a small group of customers and merchants, starting with the four cities of Mumbai, New Delhi, Bengaluru and Bhubaneswar. It will in the next phase be extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.