The Reserve Bank of India has Launched the Digital Rupee in India as of Tuesday. The Biggest Advantage of this is that you do not need to Carry Cash Everywhere.
Digital Currency: From Tuesday, November 1, the Reserve Bank of India has started digital currency, i.e., Rs. Digital Rupee will be used smoothly through the Pilot training phase of the program. Digitally, it is believed that people will now have less dependence on cash, and this will prove to be a very good option for the Bulk segment. As you all know, all the transactions at the bank were done through cash, check, or internet banking. But there is no need for any physical currency in digital notes. A wallet-to-wallet transaction can be done.
Let us tell you what e-Rupi is.
E-rupi It will be a cashless and contactless payment mode. It is based on a barcode and SMS, which acts like an e-voucher. Through this service, the user will neither need a card, digital payment, nor the internet. With this, more and more people will be able to use the digital rupee. It is parallel to a paper currency. Let us tell you that the value of digital currency will be equal to the current currency, and it will work in the same way.
Nine Banks are Included in the Digital Currency Introduced by the RBI.
Around nine banks will be involved in the pilot project of digital currency for the wholesale segment. First of all, these will include banks like the 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. All these banks will use digital currency in government-secured transactions. With this, the name “Central Bank Digital Currency,” or CBDC, has been given, and it will prove to be very beneficial for you as India’s first digital currency.
Advantages of Digital Currency
The transaction of money in business will be very easy.
Through CBDC, like a mobile wallet, you will be able to transact without the internet in the shortest possible time.
Eliminate the hassle of internet banking with a check and bank account.
Fake currency will be banned.
The cost of printing paper notes will be saved.
CBDC currency cannot be defaced, burned, or torn.
Will Currency Notes Expire?
No, it will not happen at all. But this will give you convenience. Now, as soon as your notes are torn or stolen, you have to face a lot of trouble. But digital currency will no longer be all this trouble. Like when you travel, you will not have any problems. As you see, there is some problem in transferring 5 lakhs or 10 lakhs. With the advent of digital currency, this problem will end.
Like net banking, you have to pay payment charges, and there will be cash in it.
