NewsGate Press Network

The Reserve Bank of India (RBI) on Thursday launched the first pilot project for retail digital rupee in Mumbai, New Delhi, Bengaluru and Bhubaneswar.

The retail digital rupee (e₹-R) project has started in a closed user group with the participation of four lenders — State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank — as well as customers and merchants.

The launch comes a month after the Reserve Bank of India (RBI) started a pilot in the digital rupee – wholesale on November 1.