Start learning 50% faster. Sign in now
The Reserve Bank of India (RBI) launches the first pilot project for central bank digital currency (CBDC), also known as digital rupee or e-rupee. The first digital rupee pilot will be in the Wholesale segment and the central bank has identified nine banks to participate in commencing the first pilot. The nine banks are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC. The pilot project will focus on settlement of secondary market transactions for government securities. Central Bank Digital Currency (CBDC) is a digital form of legal tender issued by the RBI. India’s CBDC will be called ‘e₹’, and it can be exchanged one-for-one for fiat currency as it is a digital form of rupee. RBI Headquarters: Mumbai Governor: Shaktikanta Das 4 Deputy Governors: T. Rabi Sankar, MK Jain, MD Patra, M Rajeshwar Rao The Reserve Bank of India defines Central Bank Digital Currency (CBDC) as a digital form of legal tender issued by a central bank. Simply put, it is a digital form of fiat currency, i.e. The Indian Rupee. As a result, it can be exchanged for fiat currency one for one. CBDC will have all of the advantages that we see with cryptocurrencies and digital forms of payment like it can never be torn, burned, or physically damaged. They are also not physically lost. In comparison to notes, the lifeline of a digital form of currency will thus be indefinite.The Digital Rupee will bring with it another significant advantage in terms of cryptocurrencies which is that it will be governed by a central authority, reducing the volatility risk associated with other digital currencies such as Bitcoin.
Which of the following e-commerce firm has launched a brand named MarQ?
In which of the following state Murlen National park is located?
In Budget 2023-24, it is estimated that if Uttarakhand received One rupee as Revenue, then arrange the receiving in increasing order in that One rupee:<...
Which state is the largest producer of groundnuts in India?
Select the wrong statement regarding Veer Chandra Singh Garhwali Self-Employment Project--
In the Economic Survey 2021-22, India registered its highest-ever annual FDI inflow of _____ dated 31 Jan 2022.
Which of the following Katyuri rulers writes himself as "Brahmana Parayana" and "Parama Shramana Rupu" in his Bageshwar stone Inscription?
Under provisions of which act banks and other financial institutions are allowed to auction residential or commercial properties to recover loans...
Moody's Analytics forecasts India's GDP growth for 2024 at what percentage?
What is the capital of Myanmar?