E-Rupee Cannot Be Converted Into Cash Yet, Says RBI Official
2 years, 2 months ago

E-Rupee Cannot Be Converted Into Cash Yet, Says RBI Official

News 18  

Speaking at an event organised by the Indian Merchants’ Chamber, Anuj Ranjan, the chief general manager at the RBI’s fintech department, said that at present eRupee cannot be transformed into cash and vice-versa. Anuj Ranjan said that the central bank will bear costs relating to eRupee as it is part of RBI’s liabilities. One such currency is the digital Yuan of China, which can be used by regular Chinese citizens through well-established and well-linked digital payment platforms like Alipay and WeChat Pay. India’s trial with a digital rupee, which might allow people to conduct transactions without using traditional banks, is an equally daring attempt.

India Bank Digital Rbi Digital Currencies Erupee  converted  bank  rbis  currency  used  store  official  cash  rbi  erupee  currencies  central  india  digital

History of this topic

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project
7 months, 3 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
9 months, 2 weeks 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 …

Digital Rupee: RBI Aims To Expand Use Cases, Features Of Retail, Wholesale CBDC
1 year, 10 months ago

Digital Rupee: RBI Aims To Expand Use Cases, Features Of Retail, Wholesale CBDC

News 18  

The Reserve Bank of India targets to expand the use cases and features of CBDC-Retail and CBDC-Wholesale, according to the central bank’s annual report released on Tuesday. “During 2023-24, the Reserve Bank aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features. “As the Reserve Bank embarks upon the journey of realising the …

Digital Rupee: RBI launches expand e-Rupee pilot to include more banks
1 year, 10 months ago

Digital Rupee: RBI launches expand e-Rupee pilot to include more banks

Live Mint  

The Reserve Bank of India wants to expand the ongoing pilot of the Central Bank Digital Currency and incorporate various use cases and features in 2023-24. In its annual report for 2022-2023, the central bank said, "During 2023-24, the Reserve Bank of India aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features." …

Digital Rupee: Understanding the risks of using digital currency
2 years, 2 months ago

Digital Rupee: Understanding the risks of using digital currency

Live Mint  

Digital currency is essentially a replacement of conventional paper currency by currency in the form of digital data on a technology-based platform on a mobile device or otherwise. According to Stas Protassov, Co-founder and executive board member, Acronis, one of the risks which exist for most if not all digital currencies is double-spending scams exploiting protocol issues or application software …

Digital rupee not the magic bullet Central government is hoping for
2 years, 3 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 …

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das
2 years, 3 months ago

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das

News 18  

RBI Governor Shaktikanta Das on Wednesday said the biggest concern with the private cryptocurrencies like Bitcoin and Ethereum is that they do not have any underlying value, and if they are allowed to grow, the next financial crisis will come from them. If you allow it to grow, the next financial crisis will come from private cryptocurrencies.” Das has in …

Can You Use Digital Rupee Without A Bank Account? Know How Digital Rupee Wallet Works
2 years, 3 months ago

Can You Use Digital Rupee Without A Bank Account? Know How Digital Rupee Wallet Works

News 18  

India’s central bank digital currency, or digital rupee, has seen the light of the day and is currently in its trial mode to test the robustness of the entire process of its creation, distribution and retail usage in real-time. Now, as the digital rupee is a fungible legal tender issued by the RBI, do users need bank account to use …

Explained: How Reserve Bank's e-rupee is different from UPI?
2 years, 3 months ago

Explained: How Reserve Bank's e-rupee is different from UPI?

Hindustan Times  

The Reserve Bank of India has recently scaled the pilot of Central Bank Digital Currency or e-rupee for the retail sector. The CBDC or e-rupee is a legal tender money backed by the RBI similar to cash, but for UPI payments, it has to be linked with bank accounts. E-rupee is a legal tender money As the name suggests, the …

RBI Monetary Policy: Governor Das Explains Difference Between Digital Rupee And UPI
2 years, 3 months ago

RBI Monetary Policy: Governor Das Explains Difference Between Digital Rupee And UPI

ABP News  

The Reserve Bank of India on Wednesday clarified the key differences between the Central Bank Digital Currency and Unified Payments Interface. Speaking with the media after the monetary policy announcement, Das said, "Any UPI transaction involves the intermediation of the bank. Further elaborating on CBDC, RBI Deputy governor T Rabi Sankar said that similar to cash, CBDC can enable the …

Explained | Why has the Reserve Bank of India introduced an e-rupee?
2 years, 3 months 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 …

Experts Explain Benefits And Technological Challenges Of Digital Rupee
2 years, 3 months ago

Experts Explain Benefits And Technological Challenges Of Digital Rupee

ABP News  

India’s first pilot project on retail digital rupee was rolled out by the Reserve Bank of India on Thursday 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 …

How the RBI's digital currency can help economy
2 years, 3 months ago

How the RBI's digital currency can help economy

Live Mint  

Readers of a certain age group might remember Ramon Bonus Stamps. What's driving FIIs’ bullish bets on Nifty IIT-K student hits record ₹4 cr placement jackpot Story takes a turn for PVR, Inox Leisure after a flop Q2 How young Indian couples budget for their weddings Imagine different currencies competing for dominance in usage without any sovereign backing. That is …

India's digital rupee fails to excite interest, bankers say
2 years, 4 months 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 …

All you need to know about e-Rupee
2 years, 4 months ago

All you need to know about e-Rupee

Deccan Chronicle  

HYDERABAD: The Reserve Bank of India has launched India’s e-rupee on Thursday, as a pilot covering four cities New Delhi, Mumbai, Bengaluru and Bhubaneswar and will subsequently expand it to nine more cities in the initial phase. Four banks – State Bank of India, Yes Bank, ICICI Bank and IDFC First Bank – will be involved initially in the launch …

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

Time is right for a digital rupee
2 years, 4 months ago

Time is right for a digital rupee

Hindustan Times  

Starting this month, the Reserve Bank of India will begin a pilot project that will put a digital rupee, or e ₹, in the hands of individuals. In simple terms, a CBDC is the closest virtual equivalent of cash with the liability for its value resting directly with the central bank, instead of — as is the case at present …

Digital Rupee coming on Dec 1, here is everything to know about it
2 years, 4 months ago

Digital Rupee coming on Dec 1, here is everything to know about it

Live Mint  

The Reserve Bank of India on Tuesday announced a pilot for retail central bank digital currency on 1 December. A Central Bank Digital Currency or Digital Rupee is a digital form of currency notes issued by a central bank. The central bank also said that users will be able to transact with digital rupee through a digital wallet offered by …

’Missing big picture’: Zerodha’s Nikhil Kamath responds to critics of e-rupee
2 years, 4 months ago

’Missing big picture’: Zerodha’s Nikhil Kamath responds to critics of e-rupee

Live Mint  

This month the Reserve Bank of India made a historic decision for India's banking ecosystem. The federal bank started a pilot program of its digital currency allowing select banks to use it for settling secondary-market transactions in government bonds. The RBI Governor termed the launch of the central bank digital currency as a landmark moment in the history of currencies …

10 reasons why digital rupee is the future of money
2 years, 4 months ago

10 reasons why digital rupee is the future of money

Live Mint  

The digital rupee rollout is a big step ahead in India’s digital transformation. Livemint spoke to experts on reasons why digital rupee is the future of money 1) Centralised Central bank digital currency – a new digital form of money issued by central banks – may just be the new infrastructure we need for ushering in more trust, resilience, and …

How will digital rupee rollout impact physical currency?
2 years, 4 months ago

How will digital rupee rollout impact physical currency?

Firstpost  

The Reserve Bank of India has launched its pilot project on the Central Bank Digital Rupee starting, 1 November. Here’s what the experts told CNBC TV18 The Reserve Bank of India has launched its pilot project on the Central Bank Digital Rupee starting November 1. It is widely anticipated that the digital rupee ideated by RBI will be generated through …

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?
2 years, 5 months 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 …

Explained: What is Digital Rupee? RBI launches first pilot project today
2 years, 5 months ago

Explained: What is Digital Rupee? RBI launches first pilot project today

Live Mint  

India's first Digital Rupee pilot project will commence today. The Reserve Bank of India will launch the pilot for a central-bank-backed digital rupee for the wholesale segment today, November 1. ".the first pilot in the Digital Rupee - Wholesale segment shall commence on November 1, 2022," the RBI said in a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale Pilot'. …

Explained: How RBI is using technology to operationalise e-rupee? 10 points
2 years, 5 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, 5 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, 5 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 …

RBI to soon launch e-rupee on pilot basis for limited use
2 years, 5 months ago

RBI to soon launch e-rupee on pilot basis for limited use

India TV News  

Digital money : The Reserve Bank on Friday said it will soon commence the pilot launch of the e-rupee for specific use cases as it tests digital currency in India. "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank …

CBDC: Nepal To Issue Its Own Digital Currency, Prepares Legal Changes
2 years, 7 months ago

CBDC: Nepal To Issue Its Own Digital Currency, Prepares Legal Changes

ABP News  

Nepal’s central bank, the Nepal Rastra Bank, is preparing to launch its own central bank digital currency soon. Following a study that noted that the introduction of a CBDC is indeed a feasible project, the NRB said it is ready with revisions to the Nepal Rastra Bank Act, 2002, that would allow it to issue a digital variant of its …

Digital Rupee: Why India Is Keen On Introducing A CBDC
2 years, 7 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 …

How will digital rupee be different from rupee notes?
3 years, 1 month ago

How will digital rupee be different from rupee notes?

Live Mint  

India’s central bank governor Shaktikanta Das has said there will be no “Jaldbaazee", or haste, on the part of the Reserve Bank of India in rolling out its own digital currency. So, it makes sense for the RBI not to rush headlong into implementing the budget announcement of the introduction of a central bank digital currency by 2023. The boom …

Sanjeev Ahluwalia | Will digital rupee take India higher, faster?
3 years, 1 month 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 …

India recognized digital currency at right time: Nischal Shetty, Founder and CEO WazirX to Kailashnath Adhikari,MD, Governance Now
3 years, 1 month ago

India recognized digital currency at right time: Nischal Shetty, Founder and CEO WazirX to Kailashnath Adhikari,MD, Governance Now

ABP News  

New Delhi: With the finance minister, Nirmala Sitharaman announcing the launch of Digital Rupee by RBI in 2022 to boost the Indian economy while presenting the Union Budget 2022-23 she said the digital currency will also lead to a more efficient and cheaper currency management system. India has recognized digital currency at the right time he said adding the country …

Digital rupee & cryptocurrencies: What are the key differences?
3 years, 1 month ago

Digital rupee & cryptocurrencies: What are the key differences?

Live Mint  

While announcing the Union budget 2022-23, Finance Minister Nirmala Sitharaman announced that India will soon launch its own central bank digital currency. Among several distinctions, one key difference lies in the fact that RBI’s digital currency will be linked to its fiat currency – Indian rupee and will be valued at the same price. Digital currencies are digital forms of …

Explained: RBI’s digital currency plans
3 years, 1 month 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
3 years, 1 month 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 …

RBI will back Digital Rupee, other cryptocurrencies will not be legal tenders
3 years, 1 month ago

RBI will back Digital Rupee, other cryptocurrencies will not be legal tenders

Op India  

After Finance Minister Nirmala Sitharaman announced that RBI will launch a digital Rupee in her budget speech yesterday, Finance Secretary TV Somanathan has confirmed that India’s digital currency will be backed by the Reserve Bank of India which will be the only legal digital currency in the country. He also added that other digital currencies or cryptocurrencies will never become …

Central Bank Digital Currency Explained: What Is Digital Rupee, How It Works And How It Is Different From Bitcoin
3 years, 1 month ago

Central Bank Digital Currency Explained: What Is Digital Rupee, How It Works And How It Is Different From Bitcoin

News 18  

Finance Minister Nirmala Sitharaman during her Union Budget 2022 speech made some major announcements related to cryptocurrencies, especially the new tax on crypto earnings. Calling it the Central Bank Digital Currency, the announcement says Digital Rupee will give “a boost to the digital economy". Digital Rupee is powered by blockchain technology which makes currency management cheaper, allowing the Government to …

Bitcoin, Ethereum, other cryptocurrencies will never become legal tender in India, says Govt official
3 years, 1 month ago

Bitcoin, Ethereum, other cryptocurrencies will never become legal tender in India, says Govt official

India Today  

Bitcoin, Ethereum, and other cryptocurrencies along with non-fungible tokens will never become legal tender in India, Finance Secretary TV Somanathan said on Wednesday. The Finance Secretary's statement comes a day after Finance Minister Nirmala Sitharaman in the Union Budget 2022 announced income from the transfer of any virtual digital asset will be taxed at the rate of 30 per cent. …

Digital rupee proposed in Budget 2022, can be exchanged for cash: PM Modi
3 years, 1 month 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
3 years, 1 month 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 …

RBI Wants To Enhance Scope Of Digital Currency Under Definition Of Bank Note, Proposes Amendment To Law
3 years, 4 months ago

RBI Wants To Enhance Scope Of Digital Currency Under Definition Of Bank Note, Proposes Amendment To Law

ABP News  

New Delhi: The central government on Monday informed Parliament that it has received a proposal from the Reserve Bank of India last month to enhance the scope of digital currency under the definition of ‘bank note’. The RBI had introduced the proposal of Central Bank Digital Currency in October seeking to amend the Reserve Bank of India Act, 1934. On …

Union Budget 2022: The Rise of RBI-backed Digital Rupee and Stablecoins
3 years, 4 months ago

Union Budget 2022: The Rise of RBI-backed Digital Rupee and Stablecoins

News 18  

For several months, my stand on cryptocurrencies, assets, and exchanges has been unambiguous and unwavering — that they should be banned outright, without further ado or delay; instead, a comprehensive regulatory framework should be built around the Central Bank Digital Currency. Finance Minister Nirmala Sitharaman in her Budget speech announced that India’s very own digital rupee backed by blockchain technology …

Government to bring bill to ban cryptocurrencies, push RBI's digital currency
3 years, 4 months ago

Government to bring bill to ban cryptocurrencies, push RBI's digital currency

India TV News  

Government to bring bill to ban cryptocurrencies, push RBI's digital currency Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. PM Narendra Modi had earlier held a meeting on cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue. Highlights Govt lists 'The Farm …

Does RBI’s Digital Currency Affect The Future of Crypto in India?
3 years, 6 months ago

Does RBI’s Digital Currency Affect The Future of Crypto in India?

The Quint  

2021 has been a turning point for cryptocurrency. Amid the soaring popularity of cryptocurrency, evident through the rapidly growing user base on crypto trading platforms like CoinSwitch Kuber, and the COVID-19 pandemic pushing the usage of digital payments, the Central Banks around the world are exploring digital currencies that can be issued by them. The People’s Bank of China has …

RBI May Consider Trials For Digital Rupee By December, Says Governor Shaktikanta Das
3 years, 7 months ago

RBI May Consider Trials For Digital Rupee By December, Says Governor Shaktikanta Das

ABP News  

New Delhi: In its attempt to implement digital currency, the Reserve Bank of India has been working on a phased implementation strategy and the pilot may be expected by the end of this year. In an interview with CNBC, RBI Governor Shaktikanta Das said, “The Reserve Bank of India may launch its first digital currency trial programs by December." Das …

Explained | Is RBI planning a digital currency for India?
3 years, 8 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 …

Money changer: The Hindu Editorial on need for an official digital currency
3 years, 8 months ago

Money changer: The Hindu Editorial on need for an official digital currency

The Hindu  

In contrast to India’s continued ambiguity over the legality of cryptocurrencies, its stance on introducing an official digital currency has been reassuringly clear and consistent over time. In a speech a few days ago, T. Rabi Sankar, Deputy Governor, RBI, said, “RBI is currently working towards a phased implementation strategy and examining use cases which could be implemented with little …

Digital Currency to Soon Become Reality in India: RBI Working on 'Phased Introduction'
3 years, 8 months ago

Digital Currency to Soon Become Reality in India: RBI Working on 'Phased Introduction'

News 18  

The Reserve Bank of India, is moving towards bringing in Central Bank Digital Currency. He went on to add that the central bank is framing considerations for the legal framework to be put into place so that the CBDC can coexist with cash and digital payment methods in India. Having said that, it is important to note what exactly the …

ASSOCHAM urges RBI to take 'extreme care' of data from proposed virtual currency in India
6 years, 11 months ago

ASSOCHAM urges RBI to take 'extreme care' of data from proposed virtual currency in India

Firstpost  

Welcoming the RBI’s move to explore the introduction of an official virtual currency in India, industry chamber ASSOCHAM cautioned that extreme care be taken to ensure the safety of the data trail that cryptocurrency transactions can leave behind New Delhi: Welcoming the RBI’s move to explore the introduction of an official virtual currency in India, industry chamber ASSOCHAM on Sunday …

Discover Related