The retail digital Rupee or e-rupee or e?-R was launched by the RBI in collaboration with four banks

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The banks are State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank

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In the pilot, the e?-R will be available in Mumbai, New Delhi, Bengaluru, and Bhubaneswar

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The pilot launched will cover only the closed user group (CUG) that will comprise participating customers and merchants

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The e-rupee would be in the form of a digital token that represents legal tender.

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It would be issued in the same denominations that paper currency and coins are currently issued.

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Users will be able to transact with e-rupee 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) and Person to Merchant (P2M). Payments to merchants can be made using QR codes displayed at merchant locations.

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