According to the “Times of India” report on November 29, the Reserve Bank of India issued a statement on the same day that four banks will participate in the first phase of the digital rupee trial period in the retail sector, and another four banks will participate in the later stage. The digital rupee will have the same face value as current banknotes and coins, the statement said.
Starting from December 1, the digital rupee will be trialled in the retail fields of 4 cities: Mumbai, New Delhi, Bangalore and Bhubaneshwar. Local designated consumers and designated stores can use this digital currency to conduct transactions between individuals or between individuals and shops. payment.
The RBI said the digital rupee can be converted into banknotes and coins, as well as into bank deposits, but no interest will be charged.