Reserve Bank of India to pilot digital rupee on November 1st

Reserve Bank of India plans to launch digital rupee
  • Reserve Bank of India plans to launch digital rupee
  • This is planned to be done within a month.

The Reserve Bank of India (RBI) will launch a pilot of a central bank-backed digital rupee. Nine banks have been identified to participate in the pilot launch. These are 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.

The central bank said the digital rupee would provide an additional option to current forms of money. In essence, it is no different from banknotes, but the digital rupee is easier and cheaper to use.

He also added that his digital currency is designed to complement, not replace, existing forms of money, and should become an additional means of payment for users, and not replace existing payment systems.

The digital rupee, supported by modern payment systems, will further develop India’s digital economy, make the monetary and payment system more efficient, and contribute to greater financial inclusion.

The RBI has been studying the pros and cons of a central bank digital currency for some time now and is working on a strategy for its phased implementation. The central bank’s plans to create a digital currency came amid its fierce opposition to cryptocurrencies.

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