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what is digital rupee in India

            DIGITAL RUPEE

                                     

Reserve bank of India RBI announced the launch of the first pilot for retail digital rupee or E-rupee on December 1st to start with the RBI has partnered with 4 banks including State Bank of India, ICICI bank, yes bank, HDFC bank first bank in Mumbai in Delhi Bengaluru and Bhubaneswar initially bank cover on closed user group pricing customers and merchants lets try and explain to you what exactly is digital rupee or e-rupee
                                      

as the  RBI explain the E-rupee  is a form of digital tokens that represents illegal trade and unlike Crypto currencies the digital rupee is issued in the same denominations as paper currency in points.
 now how exactly will this digital ₹ is worked the RBI explain the digital rupee or e- rupee will be distributed through intermediaries like banks to customers in merchants.
                                                                 

 user would be able to transact Indian rupee through a  digital wallets offered by eligible banks and store on Mobile phone or device central bank also confirm with the transaction in digital rupees can happen between person to person and person to Marchant users will be able to make any payments through qr codes displayed at Marchant locations just like online transactions.
the e-rupee will offer the features of physical cash like trust safety and settlement  this is what RBI said. statement clearly stated with this would be something that people would be able to use quite easily  RBI also reveled 
                                           

process creation distribution and retail usage in real time but what are the banks for the cities that would be offering you this facility the central bank revealed they are rollout of digital  rupee will happen in phased manner  start begin with 1st phase the piolet will begin with 4 banks as we all know SBI, ICICI, YES IFDC fast and across the 4 cities  Mumbai, banglore, bhubaneswar going forword Uninon bank of India, HDFC bank, and Kotak Mahendra bank later this facility is extended across many more Indian cities including Ahmedabad gangtok, guwahati, Hyderabad, Indore, coaching, Lucknow, Patna eventually facility will roll out other parts of the country the timeline of the official rollout  has not  been reveled yet. 
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