RBI's e-RUPI Launched, Here are some key points to know

RBI Launches Digital Currency e-RUPI, Nationwide Pilot Programme Started

The Digital Rupee or E-Rupee is a digital Token of Indian Rupee, which was issued by the Reserve Bank of India.

[{"selector":"#anim-45289d60-4876-4193-9042-e70ea28c120f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6ab6b178-0a7e-4f49-af98-011f663ab8e4","keyframes":{"transform":["translate3d(-114.63415%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-87fc1583-55ba-4907-8152-9a4638f7bd67 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Credit: google Images

It is a central bank digital currency provided to the citizen of India which makes payment even more secure and easy.

[{"selector":"#anim-f4ff7772-46c6-447c-841e-52d3ac34f27f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f2fe3328-9656-434e-b76d-1dee33eead95","keyframes":{"transform":["translate3d(-114.63415%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cab7b8c9-f08c-4e83-bab1-75882deade68 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(42.00657891801089%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Credit: Google Images

The concept of e-RUPI was proposed in January 2017. It's going to launch in 2022-23 financial year. It's pilot test was started from 1 November 2023.

[{"selector":"#anim-32771cd2-936b-468e-8e65-522e92936ce2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(47.231445340061654%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-139b6509-60bd-472b-bb1c-803eea7102f0","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c474a415-d3b9-467f-843e-a84194b71096","keyframes":{"transform":["translate3d(-115.55555%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images

This digital token or e-rupi will be used by citizens to send or receive Money in completely digital mode through the mobile device.

[{"selector":"#anim-cdebaba1-3fd0-4e7a-99fd-ec4fd0ea8b16 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.172520546912608%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-fec08cd5-fb91-47aa-b3b5-dc74af7ef0cb","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6acd4e00-8783-48a1-b888-538a2f00af68","keyframes":{"transform":["translate3d(-114.63415%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Unsplash

The NPCI - National Payment Corporation of India has partnered with 11 banks for the transactions of e-RUPI.

[{"selector":"#anim-fc5de5bf-6488-453a-9824-6a9eab0a2622 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(19.84252906086664%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5015b6cb-5809-4f81-a0db-f5a18b5038b3","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-55a9f743-8cd6-4ad7-8700-51ef98c0bc81","keyframes":{"transform":["translate3d(-114.63415%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images

The NPCI - National Payment Corporation of India has partnered with 11 banks for the transactions of e-RUPI.

[{"selector":"#anim-1fc53d64-cd7b-4184-b2d4-72aa2b7648b9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(43.67187500059998%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-d30d99b2-d706-450a-87fd-48e76d63e98e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d936a3e0-66a5-4675-be79-a8501fb198b8","keyframes":{"transform":["translate3d(-114.63415%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images

These banks include State Bank of India, Axis Bank, ICICI Bank, IndusInd Bank and 7 other banks.

[{"selector":"#anim-4f2138e2-a645-4ad7-a578-b64d60124b3f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(23.355262999406545%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4f7b02e5-a5fb-4a54-a599-dc3abb61427d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bb9250e7-4b77-48f0-a28a-d1d1eeb28419","keyframes":{"transform":["translate3d(-114.63415%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images

On November 1, RBI launched a limited trial of retail digital rupees for specific users.

[{"selector":"#anim-b2bfad7d-abff-41d6-818a-70b2b9624cdc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(42.15460523501767%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-85183ed1-acd1-43b5-af97-2fb7e644b517","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f808c85b-0221-46f2-8f6f-b01cb6cc5e2a","keyframes":{"transform":["translate3d(-114.63415%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images

The major difference between UPI and e-rupi is that, e-RUPI is a digital currency, whereas UPI acts as a platform or medium to transfer money.

[{"selector":"#anim-96f63ded-b5d6-4886-b958-b51bdf1c1145 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(19.900014360173028%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-119c1dc8-d2a7-4119-a706-77bb96539fca","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ff6edad9-f030-488b-9b75-6788da5ff8e0","keyframes":{"transform":["translate3d(-114.32927%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images

In every UPI transaction, banks act as an intermediary, which plays a role of medium to send money.

[{"selector":"#anim-1cb71305-59c9-411b-86cc-17617b149b78 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(21.874999829338595%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5d8f61ce-b220-48dc-94c7-dc8d09a9aa65","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d8b49e5f-850f-4d9f-975f-a4434d8523a4","keyframes":{"transform":["translate3d(-114.32927%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images

The 45-year-old man Bache Lal Sahani has been selected for the nationwide pilot program to use Central Bank Digital Currency (CBDC) or e-Rupee.

[{"selector":"#anim-626c443f-da96-437d-af01-d889eed0d9a7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.861019432228135%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ae20bd31-7351-44e8-8435-13573d9f9225","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5468eb48-2af4-421c-a69d-e56ca6e413b8","keyframes":{"transform":["translate3d(-114.63415%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images

25 years ago, he left his home Bihar's Vaishali and came to Mumbai. He started selling fruits near the Reserve Bank of India headquarters on Mint Road.

[{"selector":"#anim-6cd1e4cd-4137-40a3-b5cb-7619648ec384 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.861019432228135%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-172da8d3-80d3-4c22-b850-3a0bc6f81ece","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f4060267-c3f9-4bce-b6e2-ac5f20e808be","keyframes":{"transform":["translate3d(-114.63415%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images

In the last month RBI officials approached him to start e-rupee transactions. They helped him to open a separate Digital Wallet Enabled IDFC First Bank account.

[{"selector":"#anim-ef01be7e-7256-45bd-874c-697371f88f50 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.861019432228135%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-81b2cde8-d3ce-40d1-ae7c-4bf59275a40c","keyframes":{"opacity":[0,1]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d24a58df-2ab3-4780-86f7-7fed8a12cc46","keyframes":{"transform":["translate3d(-117.98781%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Credit: Google Images

Swipe up to see stories more like this.

[{"selector":"#anim-0182e2e6-c23a-43cf-b43e-24810ac195d7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(49.02977887434125%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Credit: Google Images See More

RBI Launches Digital Currency e-RUPI, Nationwide Pilot Programme Started

Credit: google Images

By Nitin Chavhan

The Digital Rupee or E-Rupee is a digital Token of Indian Rupee, which was issued by the Reserve Bank of India.

It is a central bank digital currency provided to the citizen of India which makes payment even more secure and easy.

The concept of e-RUPI was proposed in January 2017. It's going to launch in 2022-23 financial year. It's pilot test was started from 1 November 2023.

This digital token or e-rupi will be used by citizens to send or receive Money in completely digital mode through the mobile device.

​The NPCI - National Payment Corporation of India has partnered with 11 banks for the transactions of e-RUPI.

​The NPCI - National Payment Corporation of India has partnered with 11 banks for the transactions of e-RUPI.

These banks include State Bank of India, Axis Bank, ICICI Bank, IndusInd Bank and 7 other banks.

On November 1, RBI launched a limited trial of retail digital rupees for specific users.

The major difference between UPI and e-rupi is that, e-RUPI is a digital currency, whereas UPI acts as a platform or medium to transfer money.

​In every UPI transaction, banks act as an intermediary, which plays a role of medium to send money.

The 45-year-old man Bache Lal Sahani has been selected for the nationwide pilot program to use Central Bank Digital Currency (CBDC) or e-Rupee.

25 years ago, he left his home Bihar's Vaishali and came to Mumbai. He started selling fruits near the Reserve Bank of India headquarters on Mint Road.

In the last month RBI officials approached him to start e-rupee transactions. They helped him to open a separate Digital Wallet Enabled IDFC First Bank account.

Swipe up to see stories more like this.

The NPCI - National Payment Corporation of India has partnered with 11 banks for the transactions of e-RUPI.

The NPCI - National Payment Corporation of India has partnered with 11 banks for the transactions of e-RUPI.

In every UPI transaction, banks act as an intermediary, which plays a role of medium to send money.