Tag: digital rupee launch in India

[ad_1] A month into India's pilot project for using an official digital rupee for inter-bank and institutional transactions, stakeholders are seeing no benefits, several bankers said. A month into India's pilot project for using an official digital rupee for inter-bank and institutional transactions, stakeholders are seeing no benefits, several bankers said. Seven bankers told Reuters that using the e-rupee of the Reserve Bank of India (RBI) was much the same as internet-based banking that users were already satisfied with. The RBI has devised the e-rupee basically as a digital alternative to cash - one using blockchain distributed-ledger technology, to some degree anonymous and most relevant to consumers and retailers. But in the initial trial banks have been using it for settle...

[ad_1] RBI will launch the first pilot for digital Rupee today to test the robustness of the entire process of its creation, distribution and retail usage in real time. Check details here. The Reserve Bank of India (RBI) will be launching the first pilot for digital rupee on Thursday. RBI had earlier on October 31 indicated that the pilot in digital rupee would commence in a month's time. According to the information provided by the RBI, eight banks have been identified for phase-wise participation in this pilot. The first phase will begin with four banks namely- State Bank of India (SBI), ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country.While, four more banks, that is, Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join this pilo...