New Delhi. The Reserve Bank of India (RBI) on Tuesday will launch the country’s first digital rupee under the pilot project. The central bank said that it will start a pilot project of Digital Rupee (EA) for specific use cases. The central bank informed that it plans to launch within a month in select locations for the digital rupee-retail segment. RBI has selected nine banks to participate in the digital rupee wholesale pilot project.
These banks include 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. Finance Minister Nirmala Sitharaman had announced in her budget speech on February 1 that the RBI would launch a Central Bank Digital Currency (CBDC) in this financial year. CBDC is a digital form of currency notes issued by a central bank. Digital currency or Rupee is an electronic form of money, which can be used in contactless transactions. (IANS)