Sunday, March 26, 2023

Over Rs 130 crore e-rupee in circulation: Nirmala Sitharaman – Usky News

New Delhi: Digital OR e-rupee According to the Finance Minister, as of February 28, notes worth more than Rs 130 crore are in circulation on a pilot basis. nirmala sitharaman said on Monday.
The Reserve Bank of India (RBI) launched the pilot in digital rupee November 1, 2022 in the wholesale segment (e?-W) and December 1, 2022 in the retail segment (e?-R).
Sitharaman said nine banks—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 are participating in the digital rupee wholesale pilot.
“As on February 28, 2023, the total Digital Rupee – Retail (e?-R) and Digital Rupee – Wholesale (e? -W) in circulation are Rs 4.14 crore and Rs 126.27 crore, respectively,” Sitharaman said in a written statement. Answer in Lok Sabha.
E?-R is in the form of a digital token that represents legal tender. It is being issued in the same denominations in which paper currency and coins are issued at present.
Its distribution is being done through financial intermediaries i.e. banks. Users can transact with e?-R through digital wallets offered by participating banks and stored on mobile phones/devices.
E? The pilot was launched on December 1, 2022 for the retail segment at 5 select locations in a closed user group to undertake Person to Person (P2P) and Person to Merchant (P2M) transactions.
The on-boarded merchants include various segments such as tea vendors, fruit vendors, roadside and footpath vendors (including migrant fruit vendors selling on footpaths opposite RBI’s headquarters, Mumbai), small shopkeepers etc,” Sitharaman said.
In addition, institutional merchants such as retail chains, petrol pumps, etc. have also been on-boarded to enable digital rupee transactions at various outlets.
Some online merchants have also been enabled to accept digital rupee for the convenience of the users.
The minister said that in about three months of the pilot, the total Digital Rupee-Retail (E?-R) in circulation is Rs 4.14 crore.
Sitharaman said, “Various use cases, technical architecture and design features are being tested during the pilot… Further steps, including elaboration of the use case, through a phased implementation strategy based on the feedback received during the pilots Must be from.”


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