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CBDC, or Central Bank Digital Currency, is a legal tender issued by the Reserve Bank of India. Also called the “digital rupee” or e₹, it will offer features of physical cash like trust, safety and settlement finality with atomicity (i.e. immediate settlement of transactions) in digital mode.
e₹ represents a direct claim on the central bank. It can be used to carry out transactions or store value digitally, similar to the manner in which currency notes can be used in physical form.
Conversion Rates & Denominations
As a bank that’s constantly at the forefront of introducing customer friendly features such as Monthly Interest Credits on Savings Account, ‘never expiring reward points’ on credit cards, lifetime free credit cards etc., we are happy to be a part of this pilot initiative of RBI in bringing the digital rupee revolution in India.
You can do so by connecting your IDFC FIRST Bank account.
Digital rupee needs an acceptance infrastructure at merchants and this is being enabled in a phased manner.
To begin with, the following list of merchants near you in Mumbai and Delhi have been enabled. We will be adding more to the list and will notify you when we enable a merchant near your vicinity.
Keep transacting and enjoy the e₹ experience. Be a proud participant in the digital e₹, India's CBDC.
Central Bank Digital Currency (CBDC) also known as “Digital Rupee” or “e₹” is a legal tender, similar to sovereign paper currency, and is issued in digital form by the Reserve Bank of India. e₹ will offer features of physical cash like trust, safety and settlement finality with atomicity (i.e. immediate settlement of transactions) in digital mode. e₹ represents a direct claim on the central bank. It can be used to carry out transactions or store value digitally, similar to the manner in which currency notes can be used in physical form.
e₹ is a form of money, a digital representation of physical currency, whereas UPI or other fund transfer modes are forms of payment. Therefore, usage of e₹ is not limited to payments. e₹ also serves the purpose of ‘unit of account’ and importantly, ‘store of value’ as it represents a claim on the Reserve Bank’s balance sheet. Moreover, e₹ will have additional attributes specific to currency which will be tested in future pilots.
No. e₹ is digital form of currency notes unlike other cryptocurrencies such as bitcoin. e₹ has intrinsic value and is regulated by the RBI. e₹ will always have same value as of physical bank currency notes which is a legal tender issued by the central bank unlike crypto assets such as bitcoin. Cryptos like bitcoin do not exhibit any features of a currency, do not have any intrinsic value, and are neither backed by assets nor issued by a central trusted authority.
No. Reserve Bank of India in its concept note states that e₹ is aimed to complement and create an alternate to physical currency and not replace current forms of money. It is envisaged to provide additional avenue of handling money to users.
No. In the first pilot, payments can be accepted only by merchants and individuals who are included in the closed user group.
Below are the simple steps to follow to install the app and register for CBDC (e₹). Please note that you will only be able to register on the app if you are selected for the first pilot of e₹.
· IDFC FIRST Bank has sent details along with link via SMS on your registered mobile number. An email also is sent to registered email ID with details and link. You can search the email with Subject line “Invitation to participate in the first pilot of Central Bank Digital Currency - Retail (Digital Rupee - e₹)”
· Click on the link which you have received via SMS or email to download the e₹ (Digital Rupee) app.
· Once the app is downloaded, allow permissions to send SMS and phone call
· Read Terms & Conditions and Click on accept to continue.
· Click on start registration.
· Select the SIM Card with registered mobile number and click on verify SIM. This will allow your device to send a SMS to our system to complete SIM verification. After verification click on continue.
· Click on Set App PIN and authenticate with your device password (PIN, Face Unlock or Fingerprint)
· Enter your name in the field provided and click on Choose Wallet
· Enter your 6–digit PIN in first input field. Confirm your 6-digit PIN in the second input field. Click on the “tick” button to proceed.
· List of your IDFC FIRST Bank Account will appear, select the account linked to your Debit Card. You can create one wallet with one bank.
· Enter last 6 digits and expiry of your Debit Card. Click on “Next” to continue.
· Your Sign up/registration is complete. Now, you can start using e₹ (Digital Rupee app)
· On the home page of the app, click ‘Load’
· Enter the amount or select denominations by swiping up for the amount you want to add & click on ‘Load e₹’
· You can now add e₹ to your wallet from your IDFC FIRST Bank Savings Account or from different UPI apps
· Make e₹ (Digital Rupee) payments to the registered beneficiary on their mobile number or scan e₹ (Digital Rupee) QR code
· On the homepage of the app, click on send.
· You can send e₹ (Digital Rupee) via Digital Rupee VPA or Phone number of the beneficiary who has registered for the e₹ (Digital Rupee) or Scan e₹ (Digital Rupee) QR code.
e₹ has fixed denominations akin to the existing physical currency denominations.
Click here to see the list of merchants who are part of the current pilot program.
· On the home page of the app, click on Redeem.
· Select denominations by swiping up for the amount you want to redeem. Click on ‘Redeem digital Rupee’.
· Choose the linked bank account to be credited and follow the onscreen instructions.
As it is the first pilot launched by the Reserve Bank, IDFC FIRST Bank has rolled out invites to few customers only as of now. Invitees would have been received by SMS / Email or WhatsApp from the IDFC FIRST Bank on their registered mobile nos. and email ids.
It is available on both Android & iOS devices.
Yes, e₹ is safe and secure. There is a robust cyber-security framework to ensure that e₹ is kept secure.
e₹ is India’ official digital currency that is being issued by the Reserve Bank of India and it can only be held in a e₹ wallet issued by banks. This wallet can be linked to your existing IDFC FIRST Bank account. The wallet is a digital representation of your physical wallet and e₹ can be withdrawn/ deposited from your existing bank account into this wallet.
Only one e₹ wallet can be held in a particular bank against the registered mobile number.
During this pilot, IDFC FIRST Bank’s savings account is mandatory for customers and current account is mandatory for merchants to use e₹ (Digital rupee) in the pilot.
Non- IDFC FIRST Bank customers cannot use IDFC FIRST Bank e₹ (Digital rupee) app in pilot, as they are not invited by IDFC FIRST Bank for e₹ (Digital rupee) Pilot. However, they may use their own bank Digital rupee wallet to transact with e₹ (Digital rupee), if they are invited for pilot by respective bank.
No. “Digital Rupee” or “e₹” is a legal tender, similar to sovereign paper currency, therefore, this is not applicable.
No, as it is Digital form of currency note, there is no interest paid on digital currency in your e₹ wallet.
No. There are no charges/fees associated with e₹ or e₹ wallets.
No. e₹ cannot be directly used via ATM cards or online banking. e₹ can be used to make payments to merchants and individuals, who are also included in the group, by using your e₹ wallet.
No. e₹ can only be transferred to e₹ (Digital Rupee) wallet. However, you can redeem e₹ from the e₹ wallet to your linked bank account.
You may have to wait till your transaction get either successful or fail.
Yes, you will receive an SMS for every financial transaction involving e₹.
No. The value of e₹ is equivalent a physical currency. There is no interest paid on e₹.
No. “Digital Rupee” or “e₹” is a legal tender, similar to sovereign paper currency, therefore, this is not applicable.
You can recover your wallet by using the same phone number/sim on e₹ (Digital rupee) wallet.
In case you input the wrong PIN more than 3 times as day, then the transaction on e₹ app will be temporarily blocked. Customer need to reset the Wallet PIN or wait for 24 hours to unlock.
· Click on settings in the e₹ app
· Go to PIN settings
· Click on Forgot PIN
· Enter last 6 digits of IDFC FIRST Bank debit card and the expiry date
You can raise disputes via e₹ wallet or you can reach out to our customer care for further enquiries. You can contact Customer Care at 1860 258 2000.
In such cases, money will be refunded back to your account. Sometimes this takes longer than intended. If you do not receive the refund within 48 hours( during pilot phase), please raise a dispute on the e₹ app or contact Customer Care. You can contact IDFC FIRST Bank customer Care at 1860 258 2000.
All transactions are instant and are available 24/7.
· To de-register the e₹ wallet, first redeem the Digital Rupee to your linked bank account.
· Click on Profile icon on top left corner of the home screen.
· Select De-register option in the menu
· Prompt will be shown about wallet being deleted, click on continue.
· Authenticate with your wallet PIN and wallet will be de-registered.
For more details, refer the Concept Note of RBI
FEATURED
With the pilot launch of Central Bank Digital Currency, India has taken a significant step towards digitising its financial ecosystem. Central Bank Digital Currency (CBDC) is the electronic version of the nation’s official currency and is issued by respective country's central bank. In India, the RBI (Reserve Bank of India) will issue this legal tender, also known as the digital rupee.
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