Wednesday, October 4th, 2023

What is Digital Rupee Pilot Project, how it will benefit you, understand here

RBI Digital Currency Launching: RBI is going to launch its first Digital Rupee pilot project on 1 December. With the increase in digitization in the country, with its introduction, the economy will also get strengthened. Close group customers and merchants will benefit the most from this in the retail segment. For the first time this year, during the budget session, the country’s Finance Minister Nirmala Sitharaman introduced the digital rupee.

Benefits of digital currency

  • The biggest advantage of digital currency is that you do not need to carry cash with you all the time.
  • Nowadays digital currency is accepted everywhere (from the smallest shop to the biggest mall).
  • Using digital currency, you do not need to go to ATM or bank for bar cash.
  • For digital currency, you just have to use the app in mobile.
  • With just a little care, your money is completely safe on this.

First concept note released in October

RBI had introduced a concept note for CBDC (Central Bank Digital Currency) on 7 October. In this note, the matter of bringing Digital Rupee was mentioned. But now RBI has officially announced its launch date. This first pilot project of Digital Rupee will be started from 1 December. It can also be used for large transactions and cross-border payments. At the same time, through this pilot project, people should be sensitized towards digital payments. Will also be made aware. The best part about it is that, people digital Will be able to cash Rs. Soon information about its process will be revealed.

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These banks will be involved in the pilot project

RBI has selected these 9 big banks for this pilot project. These include State Bank of India (SBI), Union Bank, HDFC Bank, ICICI Bank, Bank of Baroda (BoB), Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC Bank. Apart from Digital Rupee, Reserve Bank of India has also prepared DAKSH Advance Monitoring System. With the help of which money transactions can be monitored. According to RBI, if needed, the transaction can also be easily tracked through this system. Along with this, latest technology like Artificial Intelligence and Machine Learning will also be used to upgrade the system.

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