The first pilot for retail digital rupee (e₹-R) will be launched on December 01, 2022, the Reserve Bank of India (RBI) announced on November 29

Eight banks were identified for phase-wise participation in this pilot, the first phase will begin with four banks SBI, ICICI, Yes Bank, and IDFC First Bank

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Four more banks -- Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank will join this pilot subsequently

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The pilot would initially cover four cities, viz., Mumbai, New Delhi, Bengaluru, and Bhubaneswar

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The Digital rupee pilot launch will later extend to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla

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The pilot program is aimed at "testing the robustness of the entire process of digital rupee creation, distribution, and retail usage in real time

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Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones/devices

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Transactions can be both Person to Person (P2P) & Person to Merchant (P2M). Payments to merchants can be made using QR codes

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