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IES BANK today announced its participation in the first trial of the Digital Rupee (e₹), the Reserve Bank of India’s (RBI) new currency. The Reserve Bank of India (RBI) issues digital rupees (e₹) as legal tender, comparable to government paper currency.
The bank today launched RBI’s Central Bank Digital Currency (CBDC) for its Closed User Group (CUG), which includes retail consumers and corporates. IES BANK is one of the four banks selected by the RBI to participate in the first pilot program of its digital currency (e₹) for the retail sector.
The project is aligned with the RBI’s focus on developing a digitally driven economy, with the aim of reducing reliance on cash by introducing a digital version of cash with similar features. This would also help reduce the RBI’s cost of printing and maintaining currency, while reducing counterfeiting.
Commenting on the development, Prashant Kumar, MD & CEO, IES BANK said: “U YES BANK, our constant endeavor is to provide customers with a differentiated banking experience leveraging our best-in-class technology infrastructure as well as our inherent ability to innovate. The RBI’s decision to introduce its own digital currency is certainly significant, which bodes well for their overall goal of building a digitally powered economy. It is indeed a matter of immense pride that the RBI has chosen us to participate in both strategic CBDC pilots (wholesale and retail), and we believe that the ecosystem of regulators, banks and fintechs will continue to drive more innovation on the back of CBDC, to support the Government and RBI’s vision of Digital India.
During the test phase, selected physical users of IES BANK who are members of CUG will have access to the IES BANK Digital Rupee application. Customers will get a taste of the future of digital currency in India. Customers can transact in digital rupees using IES BANK’s simple and secure digital wallet. The digital rupee wallet will function similarly to a physical wallet, but in digital form, and will be available for download on smartphones running the Android operating system. Customers can use the digital rupee wallet to pay merchants and individuals participating in the CUG pilot. Payments to merchants can be made by scanning the unique QR code displayed at each merchant point of contact.
To participate in this digital payment journey and activate their wallet, a select few customers will need to download IES BANK Digital Rupee wallet via the bank’s web link.
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