{"id":6988,"date":"2022-11-30T08:00:57","date_gmt":"2022-11-30T02:30:57","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=6988"},"modified":"2025-03-28T16:18:08","modified_gmt":"2025-03-28T10:48:08","slug":"digital-rupee","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/digital-rupee\/","title":{"rendered":"Digital Rupee"},"content":{"rendered":"<h2><strong>About Digital Rupee:<\/strong><\/h2>\n<ul>\n<li>Eight banks have been identified for phase-wise participation in this pilot.<\/li>\n<li>The first phase will begin with four banks including\u00a0<strong>State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country.<\/strong><\/li>\n<li>Four more banks, including\u00a0<strong>Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank<\/strong>\u00a0will join this pilot subsequently.<\/li>\n<li>The pilot would initially cover four cities, including\u00a0<strong>Mumbai, New Delhi, Bengaluru and Bhubaneswar and later extend to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.<\/strong><\/li>\n<li>The scope of the pilot may be expanded gradually to include more banks, users and locations as needed.<\/li>\n<li>The pilot would cover select locations in a closed user group &#8211; CUG comprising participating customers and merchants.<\/li>\n<li>The digital Rupee would be in the form of a digital token that represents legal tender.<\/li>\n<li>Users will be able to transact with digital Rupee through a digital wallet offered by the participating banks and stored on mobile phones.<\/li>\n<\/ul>\n<h3><strong>Transactions:<\/strong><\/h3>\n<ul>\n<li>Transactions can be<strong>\u00a0both Person to Person and Person Merchant.<\/strong><\/li>\n<li>Payments to merchants can be made\u00a0<strong>using QR codes<\/strong>\u00a0displayed at merchant locations.<\/li>\n<li>The digital Rupee would offer features of physical cash like\u00a0<strong>trust, safety and settlement finality.<\/strong><\/li>\n<li>As in the case of cash,\u00a0<strong>it will not earn any interest<\/strong>\u00a0and can be converted to other forms of money, like deposits with banks.<\/li>\n<li>The pilot will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real time.<\/li>\n<li>Different features and applications of the digital Rupee token and architecture will be tested in future pilots, based on the learnings from this pilot.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Source <\/strong><strong>:\u00a0<\/strong><a href=\"https:\/\/newsonair.gov.in\/News?title=RBI-announces-launch-of-first-pilot-for-retail-digital-Rupee-on-1st-December&amp;id=451534\" target=\"_blank\" rel=\"nofollow noopener\">All India Radio<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Digital Rupee is a tokenised digital version of the Indian Rupee, to be issued by the RBI.<\/p>\n","protected":false},"author":5,"featured_media":6989,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6988","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/6988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=6988"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/6988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/6989"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=6988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=6988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=6988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}