A historical step has been taken by RBI or Reserve Bank of India by the introduction of e-R or retail digital rupee . The retail digital rupee pilot has been launched on December 1, 2022 . At first it has been launched with four banks – State Bank of India, ICICI Bank, IDFC First Bank, Yes Bank. The project is going to run in four cities – Mumbai, New Delhi, Bengaluru, Bhubaneswar. In phase 2 Bank of Baroda, Union Bank, HDFC Bank and Kotak Bank will be included and will be used in nine more cities – Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla . It has been launched earlier in December for wholesale transactions in government securities. The pilot is going to cover some select locations in CUG or Closed User Group comprising participating customers and merchants . Selected users must need mobile wallet for using e- R digital. It will be in the form of digital token which will represents legal tender. It will be issue in the same denomination that is issued by paper currency and coins.
Answer the questions below –
1. On which date retail digital rupee has been launched by RBI. 1
2. What are the four banks with which it has been launched at first phase ? 4
3. In which cities the digital rupee will be used at first phase? 2
4. Who can use the digital rupee pilot ? 2
5. What are the banks will be included at the second phase ? 4
6. In which cities it will be used at second phase? 5
7. How will it be used ? 2
Writing Skills
8. Write a paragraph on the launch of e – R retail digital rupee by RBI. 10
9. Write a newspaper report on the introduction of e-R digital rupee pilot by Reserve Bank of India. 10
10. Suppose five of your friends have joined in a group discussion in the launch of e-R digital rupee by RBI and it’s affect in Indian Economy. Let’s write a brief description of your points in that discussion. 10
