Monday, October 2, 2023

Digital Rupee: There is a lot of use of digital currency in the country, till now…

RBI E-Rupees: The trend of digital rupee or e-rupee has increased in the country. On Monday, Finance Minister Nirmala Sitharaman informed that till February 28, e-rupees worth Rs 130 crore are in circulation in the country on a pilot basis. The Reserve Bank of India (RBI) issued the digital rupee for the wholesale segment on 1 November 2022, while for the retail segment it was introduced on 1 December 2022. 

According to PTI, The Finance Minister said that nine banks have been kept in e-rupee circulation. This includes 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 under the Digital Rupee Wholesale Pilot Project. 

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< h3 style="text-align: justify;">Only 4.14 crore e-Rs issued for retail 

In a written reply in the Lok Sabha, Nirmala Sitharaman said that the digital rupee in circulation for retail (e?-R) and wholesale as of 28 February 2023 stood at Rs 4.14 crore and Rs 126.27 crore, respectively. 

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< h3 style="text-align: justify;">E-Rupee can be used at shops 

e?-R’s digital token is under legal tender and is equivalent to the Indian rupee. Be it note or coin, e-rupee will be same for both. It is being distributed by eligible banks. Users can circulate e-Rupee through participating banks with any shop or people. Payments can also be made at stores using its wallet. 

Where can we spend e-rupees 

RBI can use digital money at tea vendors, fruit sellers, street side and side wall vendors and small shops. Similarly, it can also be used at institutional merchants like petrol pumps, retail chains and many other outlets. The Finance Minister informed that digital rupees worth Rs 4.14 crore have been circulated in the retail segment during the last three months.

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