Digital Rupee: The country’s largest bank SBI has given permission to its customers to make payment of digital rupee through UPI code. Apart from SBI, 6 more banks have got this approval.
eRupee: India’s largest public sector bank i.e. State Bank of India has become the 7th bank in the country to allow digital rupee transactions through UPI. SBI has started the facility for customers to make payment by scanning UPI regarding Central Bank Digital Currency (CBDC) i.e. digital currency. At the same time, the bank has named this facility as interoperability. It is worth noting that after this step of SBI, customers will be able to do transactions in digital currency. At the same time, apart from SBI, there are 6 more banks in the country which are providing digital currency payment facility to their customers through UPI. We are telling you the names of these banks.
SBI also took part in the pilot project.
It is noteworthy that SBI is one of the few banks which participated in RBI’s retail e-Rupee project in December 2022. While giving information on this matter, State Bank of India had said that digital currency will prove to be a game changer for the people. Now the bank has made it interoperable with digital rupee for the customers. With this, they will be able to pay digital rupees directly by scanning the UPI code through the SBI app.
These banks are also getting the facility of digital currency payment through UPI
- Bank of Baroda
- Union Bank of India
- HDFC bank
- ICICI Bank
- Kotak Mahindra Bank
- yes bank
- IDFC Bank
- HSBC Bank
CBDT has started in India
It is noteworthy that Finance Minister Nirmala Sitharaman had announced CBDC in 2022-23 instead. After this, the Reserve Bank started its trial from December 2022 through its pilot project. Many banks have joined this project of RBI. Now it is very good for SBI to be associated with this project because SBI is the largest bank in the country in terms of customers and branches.
