The Reserve Bank of India had announced at the beginning of October that it would soon start a pilot launch of a digital rupee for specific uses. Now it is going to start from November 1.
Now RBI’s own digital currency is about to become a reality. The Reserve Bank of India will launch the digital rupee for wholesale transactions from November 1. It will start as a pilot project for now. According to the Reserve Bank of India, this will help strengthen India’s digital economy, make the payment system more efficient and prevent money laundering. Digital currency will be used for settlement of government securities.
9 banks have been identified to participate in this project. It will include State Bank of India, Bank of Baroda, Union Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IDFC First Bank and HSBC Bank.
After the launch of RBI’s digital currency (e-Rupee) in the country, you will not need to carry cash with you. You will be able to keep it in your mobile wallet and the Reserve Bank will have complete control over the circulation of this digital currency. The advent of digital currency will reduce the cost of transactions for the general public and businesses with the government.
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