This Bank implements RBI's first phase of Digital Rupee, Know more
This Bank implements RBI's first phase of Digital Rupee, Know more
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The Reserve Bank of India's (RBI) Digital Rupee (eRs) has been implemented in its first phase, said Kotak Mahindra Bank Limited (KMBL), which made the announcement on Thursday. 

Kotak Mahindra Bank is one of the eight banks that the RBI has chosen as a finalist for a pilot project to issue Digital Rupee, a legal money similar to bank notes and coins that the RBI issues in digital form.

The Central Bank Digital Currency (CBDC) was launched by Kotak Mahindra Bank today to a Closed User Group (CUG) of clients, which consists of retail customers and companies.

In Mumbai, Delhi, and Ahmedabad, the bank will begin testing the Digital Rupee system. An email or SMS invitation to download the Digital Rupee app will be delivered to a select group of KMBL clients. The digital rupee wallet, which will be available for download on cellphones running the Android operating system, functions similarly to a traditional wallet but digitally.

Kotak Mahindra Bank's President &  Chief Digital Officer, Deepak Sharma, said, “We are delighted to be a part of RBI’s pilot pilot of Digital Rupee. Central Bank Digital Currency  aligns with the RBI’s vision of developing a digitally powered economy, promoting digital transactions, and reducing dependency on cash. Digital Rupee will give a huge fillip to the Government of India’s vision of Digital India and CBDC will act as a change agent for the finance ecosystem in the country."

A month after testing the wholesale central bank digital currency, the RBI had announced a trial for the retail digital rupee, starting on December 1, with four banks in as many cities participating in the pilot programme (CBDC). While eight banks were picked for a phased pilot programme, the first phase only included four: ICICI Bank, Yes Bank, IDFC First Bank, and State Bank of India (SBI).

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