First pilot project of Digital Rupee will start from December 1, RBI announced
RBI’s Digital Rupee is going to be launched on 1 December. This will be the first pilot project specially designed to promote cashless transactions.
- The first pilot project of Digital Rupee will be launched on 1 December.
- This project has been prepared to promote cashless transactions.
- It was first introduced during the budget session.
Reserve Bank of India (RBI) has announced the launch of the first pilot project of Digital Rupee . With its arrival, the economy will be strengthened with the promotion of digitalization in the country. Close group customers and merchants in the retail segment will benefit the most from this. For your information, let us tell you that Finance Minister Nirmala Sitharaman had introduced Digital Rupee for the first time during the budget session this year.
First concept note released on 7 October
On October 7, the RBI presented a concept note regarding CBDC (Central Bank Digital Currency). In this it was said to bring Digital Rupee. However, now RBI has confirmed its launch date.
The pilot project of Digital Rupee will be started from 1 December. It will be used for making wholesale transactions and cross-border payments.
Apart from this, people will be made aware of digital payments through a pilot project. The special thing is that people will be able to convert digital money into cash. However, information related to the process has not been revealed at the moment.
Operationalisation of Central Bank Digital Currency – Retail (e₹-R) Pilothttps://t.co/Coh632lCwU
— ReserveBankOfIndia (@RBI) November 29, 2022
These banks were selected for the pilot project
RBI has selected 9 leading banks of the country for its digital rupee. These include State Bank of India (SBI), Bank of Baroda (BoB), Union Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC Bank.
For your information, let us tell you that apart from Digital Rupee, Reserve Bank of India has prepared DAKSH Advance Monitoring System. With its help, money transactions can be monitored. RBI said that with this special system, the transaction can be easily tracked. Modern technology like Artificial Intelligence (AI) and Machine Learning will also be used to upgrade the system.