Digital Rupee coming on Dec 1, are you ready?

The RBI also said that the digital rupee will be delivered through banks.

Mumbai: After the wholesale market, digital currency transactions are starting in the retail market of India. As previously announced, from December 1, digital currency transactions will be available in retail markets in the country. Retail digital rupee is being launched on an experimental basis from tomorrow. On November 1, the Reserve Bank of India (RBI) introduced the digital rupee on an experimental basis in the wholesale segment.

In a statement, the apex bank of the country said, “Users can now transact in digital rupees. Transactions can be made through digital wallets offered by participating banks and with digital rupees stored on mobile phones. One person can do this transaction with another person. He can also transact with any trader using this currency.”

It is reported that digital rupees will also be issued at the same value as paper currency or coins. A total of 48 trades in the digital currency took place on the first day after the central government piloted the digital rupee in the wholesale segment on November 1. The total value of that transaction was Rupees 275 crore. Eight banks have been identified to participate in the pilot transaction, the Reserve Bank said on Tuesday. In the first phase, these transactions will be done from State Bank of India, ICICI Bank, YES Bank and IDFC First Bank in four cities across the country. Later four more banks – Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join the pilot retail digital rupee transactions. The trial transaction is going to start initially in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Later this transaction can be done in Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla. These transactions can be scoped to include more banks, users and regions as needed.

The RBI also said that the digital rupee will be delivered through banks. Users can transact digital rupees through digital wallet. Buyers can also transact with this digital currency by using the 'QR code' held by the merchant.