Digital Rupee (e₹) app Link

Digital Rupee by Kotak Bank

eRupee by SBI

Digital Rupee By ICICI Bank

Digital Rupee by UBI

bob World Digital Rupee

PNB Digital Rupee

Federal Bank Digital Rupee

YES BANK Digital Rupee

IDFC FIRST Bank Digital Rupee

Karnataka Bank Digital Rupee

The term "Digital Rupee" typically refers to the concept of a Central Bank Digital Currency (CBDC) issued by the Reserve Bank of India (RBI), which would be a digital form of the Indian Rupee. Here are some key aspects related to the idea of a Digital Rupee:

1. **Issuance and Control:** The Digital Rupee would be issued and controlled by the Reserve Bank of India (RBI), making it a centralized form of digital currency. This distinguishes it from cryptocurrencies like Bitcoin, which are decentralized.

2. **Legal Tender:** Just like physical cash and current forms of digital money, the Digital Rupee would be recognized as legal tender in India. This means it could be used for transactions, payments, and as a store of value.

3. **Objective:** The primary objective of introducing a Digital Rupee would likely be to enhance the efficiency of the Indian financial system, improve financial inclusion by providing access to digital payment infrastructure, and potentially reduce the dependency on cash.

4. **Implementation:** The implementation of a Digital Rupee would involve considerations such as the technology platform it runs on (like blockchain or a centralized ledger), the operational framework for issuance and distribution, and the regulatory aspects to ensure security, privacy, and compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.

5. **Benefits and Challenges:** Benefits could include faster and cheaper transactions, increased financial inclusion, improved monetary policy effectiveness, and reduced dependence on cash. Challenges may include ensuring cybersecurity, addressing privacy concerns, managing the transition from physical to digital currency, and potential impacts on the banking sector.

As of the latest updates, the RBI has been actively exploring the possibility of introducing a Digital Rupee and has been conducting pilots and research to assess its feasibility and potential impact on the Indian economy and financial system.