Anand Mahindra buys fruit using India's digital currency e-rupee, shows how it works in video
1 year, 10 months ago

Anand Mahindra buys fruit using India's digital currency e-rupee, shows how it works in video

India Today  

Digital payments are the quickest way to settle balances and the most hassle-free as well. Anana Mahindra buys fruit using e-rupee Sharing the video of using the e-rupee to make payment to the fruit vendor, Anand Mahindra wrote, "At the Reserve Bank’s board meeting today I learned about the @RBI digital currency-the e-rupee. How the digital rupee works The video shows how the digital rupee works and it is similar to other UPI transactions. It is to be noted that the digital rupee is a new payment method that was announced by the RBI in 2022. Only a handful of banks, those that have participated in the RBI's digital rupee programs, can carry out transactions in the digital rupee.

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History of this topic

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project
4 months, 2 weeks ago

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project

The Hindu  

Google, PhonePe, Amazon Pay, Cred and Mobikwik are looking to join Indian central bank’s digital currency project by offering transactions in e-rupee, a digital alternative to the physical currency. The news comes as transactions using the digital currency reached over a million a day last year, however, they have declined ever since, to about 100,000-200,000 a day. However, in April …

RBI’s digital rupee must leap over many hurdles for wider adoption
6 months, 1 week ago

RBI’s digital rupee must leap over many hurdles for wider adoption

Live Mint  

The Reserve Bank of India has been striving to boost the adoption of its Retail-Central Bank Digital Currency or e-rupee. RBI is also aiming to onboard more non-bank payment service operators and make the e-rupee inter-operable with India’s Unified Payments Interface. Despite having clearly defined use-cases for their country-specific CBDCs, these pilot projects suffered from weak internet connectivity and poor …

E-rupee worth over ₹130 crore in circulation: Sitharaman
1 year, 9 months ago

E-rupee worth over ₹130 crore in circulation: Sitharaman

The Hindu  

Digital or e-rupee worth over ₹130 crore is in circulation on a pilot basis as of February 28, Finance Minister Nirmala Sitharaman said on March 13. Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC, have been participating in the digital …

In a first, Anand Mahindra buys fruit using India’s digital currency ‘e-rupee’; shows how it works
1 year, 10 months ago

In a first, Anand Mahindra buys fruit using India’s digital currency ‘e-rupee’; shows how it works

Firstpost  

The industrialist bought pomegranates from the vendor and settled the payment with digital money. He also informed that Bachche Lal Sahani, a local fruit seller, happened to be one of the first merchants to accept ‘e-rupee’ transactions New Delhi: Business tycoon Anand Mahindra recently used India’s digital currency– the ‘e-rupee’ or ‘e-R,’ to buy fresh fruit from a local vendor. …

Watch: Anand Mahindra buys fruits using e-rupee
1 year, 10 months ago

Watch: Anand Mahindra buys fruits using e-rupee

Live Mint  

India’s central bank – the Reserve Bank of India introduced e-rupee digital currency pilot on December 1, 2022. Mahindra & Mahindra chairperson Anand Mahindra has recently shared a video on microblogging site Twitter where the billionaire can be seen putting the digital currency to use. “At the Reserve Bank’s board meeting today I learned about the @RBI digital currency-the e-rupee. …

Ready for transactions via e-rupee, says Mumbai fruit vendor selected by RBI for digital currency pilot
1 year, 11 months ago

Ready for transactions via e-rupee, says Mumbai fruit vendor selected by RBI for digital currency pilot

India Today  

Bacche Lal Sahani, a fruit vendor in Mumbai, is among the 15,000 people chosen by the Reserve Bank of India for its nationwide pilot project on Central Bank Digital Currency or e-rupee. On the issue of smoothness of transactions, the fruit vendor said that he’s already received a couple of transactions but accepts that the speed is still an issue …

Digital rupee not the magic bullet Central government is hoping for
1 year, 11 months ago

Digital rupee not the magic bullet Central government is hoping for

The Hindu  

Published : Dec 29, 2022 10:30 IST In recent times, the financial world has been in a state of excitement after the Reserve Bank of India announced the launch of the pilot for a retail digital rupee on December 1. Crypto gamble It is to be noted that with the threat of cryptocurrency, which began with Bitcoin in 2009, now …

Explained | Why has the Reserve Bank of India introduced an e-rupee?
2 years ago

Explained | Why has the Reserve Bank of India introduced an e-rupee?

The Hindu  

The story so far: The Reserve Bank of India this week launched the digital rupee on a pilot basis. The digital rupee, or the e-rupee, is a central bank digital currency issued by the RBI. The introduction of central bank digital currencies internationally has worried many who believe that it could disrupt the banking system. A rise in the use …

RBI Rolls Out First Pilot Project For Retail Digital Rupee In 4 Cities
2 years ago

RBI Rolls Out First Pilot Project For Retail Digital Rupee In 4 Cities

ABP News  

The Reserve Bank of India on Thursday launched the first pilot project for retail digital rupee in Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The retail digital rupee project has started in a closed user group with the participation of four lenders -- State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank -- as well as customers and …

India's digital rupee fails to excite interest, bankers say
2 years ago

India's digital rupee fails to excite interest, bankers say

The Hindu  

A month into India's pilot project for using an official digital rupee for inter-bank and institutional transactions, stakeholders are seeing no benefits, several bankers said. Indeed, the e-rupee, one of several central bank digital currencies being tried around the world, had a drawback, they said: each trade using it had to be settled individually, whereas trades in the established interbank …

RBI to launch Digital Rupee pilot in 4 cities today: Supported banks, and more details
2 years ago

RBI to launch Digital Rupee pilot in 4 cities today: Supported banks, and more details

India Today  

The first pilot of the Reserve Bank of India-issued digital Rupee will begin today, December 1. The central bank earlier this week announced that the digital currency will begin with four banks - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country. In a release, RBI stated, "The pilot will test …

Pilot for retail digital rupee to begin on December 1
2 years ago

Pilot for retail digital rupee to begin on December 1

The Hindu  

The Reserve Bank of India on November 29 announced that the first pilot for the retail version of the digital rupee would be introduced on December 1, 2022. The pilot would cover select locations in closed user groups comprising participating customers and merchants. The first phase will begin with four banks, namely State Bank of India, ICICI Bank, Yes Bank …

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?
2 years, 1 month ago

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?

Firstpost  

The Reserve Bank of India will roll out the digital rupee for the wholesale segment today as part of its pilot project. The digital rupee will give a big boost to the economy and positively change the banking scenario of the country After months of talks and rumours swirling, the Reserve Bank of India will roll out the digital rupee …

RBI Digital Rupee pilot for wholesale segment from November 1
2 years, 1 month ago

RBI Digital Rupee pilot for wholesale segment from November 1

The Hindu  

The first pilot in the Digital Rupee, Wholesale segment will commence on November 1, 2022, the Reserve Bank of India said in a circular. Settlement in central bank money would reduce transaction costs by pre- empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” the circular said. The first pilot in Digital Rupee — Retail …

Explained: How RBI is using technology to operationalise e-rupee? 10 points
2 years, 2 months ago

Explained: How RBI is using technology to operationalise e-rupee? 10 points

Hindustan Times  

The Reserve bank of India on Friday came up with a concept note detailing plan of introducing its own digital currency - the Central Bank Digital Currency. RBI is planning to start the e-rupee project on a pilot basis The RBI in its 51-page concept note detailed various aspects including the technological measures to operationalise its electronic currency, its underlying …

India’s RBI to soon commence pilot project of digital rupee
2 years, 2 months ago

India’s RBI to soon commence pilot project of digital rupee

The Hindu  

The Reserve Bank of India will soon commence limited pilot launches of a central bank-backed digital rupee for specific use cases, it said in a concept paper released on Friday. The RBI has been exploring the pros and cons of a central bank digital currency for some time and is working towards a strategy to implement it in a phased …

RBI says e-rupee will bolster India's digital economy, pilot launch soon
2 years, 2 months ago

RBI says e-rupee will bolster India's digital economy, pilot launch soon

Hindustan Times  

The Reserve Bank of India on Friday released a concept note on its digital currency, stating that it will soon begin the pilot launch e-rupee for specific use cases. In a statement, the central bank said the purpose behind the issue of the concept note is to create an awareness about the central bank digital currency and the planned features …

Digital Rupee: Why India Is Keen On Introducing A CBDC
2 years, 4 months ago

Digital Rupee: Why India Is Keen On Introducing A CBDC

ABP News  

Earlier this year, India announced plans to have its own central bank digital currency. The RBI has defined CBDC as a “legal tender issued by a central bank in a digital form. It will seem like any other digital payment service to users but since the CBDC will be a direct liability of the central bank, it would be more …

Sanjeev Ahluwalia | Will digital rupee take India higher, faster?
2 years, 10 months ago

Sanjeev Ahluwalia | Will digital rupee take India higher, faster?

Deccan Chronicle  

Expectations are sky-high that the “digital rupee” — a central bank digital currency announced by finance minister Nirmala Sitharaman in her Budget speech this year — will ensure a quantum jump to the digital economy, enhance GDP growth and boost financial inclusion. Transactions, within and between blocks, take place across multiple “nodes” — functionally akin to transaction termination points. A …

Explained: RBI’s digital currency plans
2 years, 10 months ago

Explained: RBI’s digital currency plans

The Hindu  

The story so far: In the Budget presented for 2022-23, Finance Minister Nirmala Sitharaman had announced the introduction of India’s Central Bank Digital Currency and that the digital rupee would give a ‘big boost’ to digital economy. Central banks also believe that the cost of issuing digital currencies is far lower than the cost of printing and distributing physical cash. …

RBI is working on launching India's digital currency, says FM Nirmala Sitharaman
2 years, 10 months ago

RBI is working on launching India's digital currency, says FM Nirmala Sitharaman

India Today  

Finance Minister Nirmala Sitharaman on Monday said the Reserve Bank of India is working on launching India's own digital currency. DIGITAL CURRENCY "The form and shape of India's digital currency will largely depend upon the Reserve Bank of India. In her Budget 2022-23 speech on February 1, FM Sitharaman proposed the RBI would introduce digital currency in the next financial …

Digital rupee proposed in Budget 2022, can be exchanged for cash: PM Modi
2 years, 10 months ago

Digital rupee proposed in Budget 2022, can be exchanged for cash: PM Modi

India TV News  

Highlights Digital rupee could be exchanged for cash, said PM Modi on Wednesday. Prime Minister Narendra Modi on Wednesday said the digital rupee, proposed in the union budget, could be exchanged for cash and will open new opportunities in the fintech sector. Addressing the 'Atmanirbha Arthavyavastha' symposium organised by the BJP, he said the central bank digital currency or the …

RBI to issue Digital Rupee in FY23: Sitharaman
2 years, 10 months ago

RBI to issue Digital Rupee in FY23: Sitharaman

Deccan Chronicle  

Mumbai: The Reserve Bank of India will issue the much-awaited digital rupee in the next financial year, finance minister Nirmala Sitharaman said in the Union Budget on Tuesday. The digital rupee or the Central Bank Digital Currency will be based on blockchain technology, the tech behind Bitcoin and other popular cryptocurrencies. Sitharaman said, "Introduction of Central Bank Digital Currency will …

Explained | Is RBI planning a digital currency for India?
3 years, 4 months ago

Explained | Is RBI planning a digital currency for India?

The Hindu  

The story so far: The Reserve Bank of India last week stated that it will soon begin working towards the "phased implementation" of its own digital currency. Central banks also believe that the cost of issuing digital currencies is far lower than the cost of printing and distributing physical cash. Many, including various central bankers, fear that people may begin …

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