e-rupee pilot project launched
The RBI started the pilot project of digital currency (e-Rupee). This will be regulated by RBI by the Reserve Bank. RBI has selected 9 banks including SBI, HDFC, ICICI to issue e-rupee. Right now it will be used only for Indian ₹ ERVOF wholesale transactions. This will also lead to cross border payments. 60 central banks of the world have shown interest in it. This is another mode of payment, which will support the existing payment system. What is the advantage of e-rupee?
Monitoring of e-rupee will be easy. The government would know where the money is. Transaction cost will be less. The cost of printing notes will be saved. Dependence on commercial banks will decrease.
• How can we get e-rupee?
For this, RBI is bringing mobile app.
• I transact through Debit/Credit Card/UPI. What is the difference between them and e-rupee?
E-Rupee will be available in the form of a digital token. It can be used as cash. The same guarantee of RBI is on this as well, which is on the note.
• Can I get the account amount converted to e-Rupee?
Yes. You can also take e-rupee in lieu of banknotes.
• For which class is e-rupee more useful?
Common people will also be able to make small payments from this. This will be especially useful for businessmen, institutions doing large amount of transactions. They will not need to carry large sums of money in cash.