RBI will start its own digital rupee from today, no need to keep cash!

RBI will start its own digital rupee: Digital Currency: After the introduction of digital currency (E-Rupee), you will not need to keep cash with you. You will be able to keep it in your mobile wallet and the circulation of this digital currency will be completely controlled by the Reserve Bank.

RBI will start its own Digital Rupee

The Reserve Bank of India (RBI) had earlier this month announced that it would soon launch a pilot launch of a digital rupee (e-rupee) for exclusive use. Now it is going to start from 1st of November

Settlements in central bank money will reduce transaction costs by avoiding the need for a settlement guarantee infrastructure or collateral to reduce settlement risk.

In the Union Budget presented in the Parliament on February 1, 2022, it was announced to launch the Digital Rupee from the financial year 2022-23.

Strengthen India's digital economy

According to the Reserve Bank of India, this will help strengthen India's digital economy, make the payment system more efficient and prevent money laundering. The digital currency will be used for settlement of government securities.

9 banks have been identified to participate in this project. This will include State Bank of India (SBI), Bank of Baroda (BOB), Union Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IDFC First Bank and HSBC Bank.

Advantages of Digital Currency

With the introduction of RBI's digital currency, e-rupee in the country, you will not need to keep cash with you. You will be able to keep it in your mobile wallet and the circulation of this digital currency will be completely with the Reserve Bank. With the advent of digital currency, the cost of transactions and business with the government will be reduced for the common people.

Giving information about this recently, RBI said that the purpose of Central Bank Digital Currency (CBDC) is to complement the digital currency instead of replacing the existing currency and give users an additional option for payment. It is not intended to replace existing payment systems in any way. That is, it is not going to affect your transactions.

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Announced in the budget

Let us tell you, CBDC is a digital form of currency notes issued by the central bank. Most central banks around the world are currently looking at CBDC issuance methods and the issuance methods differ according to the specific requirements of each country. Let us inform that the Government of India had announced the introduction of Digital Rupee from the financial year 2022-23 in the General Budget.

Giving information in this regard, Chief General Manager, Reserve Bank of India Yogesh Dayal had said that as the scope of the pilot project expands, RBI will continue to share the features and benefits related to e-rupee on behalf of the people. reserve Bank. A concept note has been issued to spread awareness about Central Bank Digital Currency (CBDC)

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RBI will start its own digital rupee from today, no need to keep cash!