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The Reserve Bank of India (RBI) announced the pilot launch of digital rupee from December 1 at select locations in closed user groups (CUGs) of participating customers and merchants.
Pilot will initially cover four cities – Mumbai, Delhi, Bengaluru and Bhubaneswar, and there will begin with four banks—SBI, ICICI Bank, Yes Bank and IDFC First Bank.

Called Central Bank Digital Currency (CBDC), the digital rupee is a digital form of currency notes issued by the RBI which can be used in contactless transactions via digital wallets offered by the participating banks and stored on mobile phones or devices.

The digital rupee would be issued in the same denominations that paper currency and coins are currently issued and would be distributed through banks. Transactions can be both Person to Person (P2P) and Person to Merchant (P2M). Payments to merchants can be made using QR codes displayed at merchant locations...