Retail Digital Rupee (e₹-R) For Indian Consumers

With the rapid growth of digital currencies, Reserve Bank of India has launched its own digital currency known as retail digital Rupee (e₹-R) in India. As of now, the launch is not public but in pilot mode with four banks namely State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities – Mumbai, New Delhi, Bengaluru and Bhubaneswar.

The retail digital Rupee will be issued by the banks and stored in digital wallets. It will be legal tender and just like cash but in digital form. And since it is just like cash, it won’t earn you any interest however you can anytime convert it into the normal rupee in your bank account. You can use the wallet to pay merchants anywhere just by scanning a QR code even without Internet!

However, since this initiative by RBI is in it’s pilot mode, please avoid falling for messages asking you to buy retail digital Rupee or do any kind of transactions with it. Wait for public launch announcement by RBI and as is the case with any financial transactions, if you have any questions, your bank is the best place to get an answer.