Anand Mahindra on Wednesday said that he came to know about India's digital currency e-rupee during a Reserve Bank of India (RBI) board meeting and immediately set about using it to buy fruit from a vendor.
Sharing a video of the transaction, the industrialist tweeted, "At the Reserve Bank’s board meeting today I learned about the RBI digital currency-the e-rupee. Right after the meeting, I visited Bachche Lal Sahani, a nearby fruit vendor who is one of the first merchants to accept it. Digital India in action! (Got great pomegranates as well!)"
In the video, Anand Mahindra (not visible on camera) scans the e-rupee QR code from the fruit vendor before making the payment and then shows him the completed transaction. The process was similar to how UPI payments are made by scanning QR codes.
Read more: How to make an e-rupee transaction
The central bank digital currency (CBDC) was started on the wholesale front between a limited set of banks earlier this month. The RBI will follow up on the wholesale e-rupee pilot this month itself, governor Shaktikanta Das had said.
The broader wish of the RBI is to execute a full-fledged launch of the CBDC "in the near future," Das said, choosing not to share a timeline for the same. There will be some technological challenges, some process challenges, and the RBI will want to iron out all those aspects and introduce the CBDC in a manner that is non-disruptive, he had said.
Read more: India uses e-rupee to settle 2.75 billion rupees of government bonds
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
