That is, now PNB customers can make payment to the merchant by scanning the UPI QR code through the PNB Digital Rupee app. You can use this service at any outlet. Users of the PNB Digital Rupee app can use their CBDC wallet to make purchases on UPI QR, even if they do not have a CBDC wallet. The app with this new feature is already live for Android users on Play Store and it will soon go live for iOS users as well.

Digital Rupee known as eRupee. It is issued by the Reserve Bank of India as a legal tender. It works like money. In any transaction, there is a 1:1 ratio of e-rupee and paper money in the transaction. This electronic wallet will work like a physical wallet on your device and will be linked to your bank account.

How to register for PNB Digital Rupee

Step 1: Download PNB Digital Rupee App from Google Play Store.

Step 2: Select the SIM card with the registered mobile number.

Step 3: Create your App PIN by clicking on Set App PIN.

Step 4: Select Wallet and click on Link PNB Account option.

Step 5: Fill in the debit card details and register.

Step 6: Once registered, you can start using PNB Digital Rupee.

Features of CBDC

CBDC is a currency issued in accordance with central banks and their monetary policy. It appears as a liability on the central bank’s balance sheet. It should be accepted as legal tender by all citizens, enterprises and government agencies as a means of payment. Issuance and transaction costs of currency notes are expected to come down.

Other banks that have launched CBDC

HDFC Bank, Canara Bank, Axis Bank and Yes Bank, Bank of Baroda and SBI have launched UPI interoperability.

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Digital Rupee News: A big campaign has started from the Reserve Bank of India regarding the transaction of Digital Rupee across the country. RBI is going to launch the first pilot project of Retail Digital Rupee (e₹-R) from 1st December i.e. today. The government had announced about this in the budget and now many plans are being made to promote digital currency across the country. 

RBI has given the name of CBDC

Reserve Bank has named the digital currency as Central Bank Digital Currency (CBDC). This will also help a lot in making the country cashless. But today we will tell you whether this step of the government will affect facilities like UPI or Paytm, Google Pay and PhonePe-

There is no competition between mobile wallet and digital currency

According to media reports, there is no competition between these two when it comes to digital wallet and mobile wallet. Digital payment is a new way to promote cashless system. First you have to buy digital rupee once and after that you will be able to do transactions from your wallet. 

This is a blockchain based system,

let us tell you that digital currency is a kind of blockchain based digital system, under which you will be able to do transactions. Apart from this, you do not need to involve any bank for retail transaction currency, that is, you can do transactions without it. This system is quite different from UPI. 

In which cities will it start?

According to the information received from the government, it will be started in 4 cities in the first phase. First it will start in Mumbai, New Delhi, Bengaluru and Bhubaneswar. After this there is a plan that it will be extended to Hyderabad, Ahmedabad, Gangtok, Guwahati, Indore, Kochi, Lucknow, Patna and Shimla.

Which banks will be involved?

Apart from this, first it will start with SBI, ICICI Bank, Yes Bank, IDFC First Bank. At the same time, later Bank of Baroda, Union Bank, Kotak Bank and HDFC Bank will be included in it.

Thousands of crores of rupees are spent on printing notes

. After the introduction of digital currency, the government will get a lot of relief from the huge expenditure of printing currency. At present, the government has to spend about 15 to 17 rupees to print a 100 rupee note. Whereas, a note lasts for about 4 years. The central bank spends thousands of crores of rupees just in printing notes. At the same time, the cost of digital currency is absolutely zero. Along with this, the problem of fake notes will also end completely. 

The post Digital Rupee started in these cities, RBI gave big information, crores of people will be benefited in transactions! first appeared on Rightsofemployees.com.