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Introducing the Digital Rupee (e₹)

Meet the Rupee’s new digital avatar. Issued by The Reserve Bank of India, the Central Bank Digital Currency (CBDC) or Digital Rupee (or e₹) is a digital variant of physical currency.

As a customer of HDFC Bank, embrace the future of digital transactions: send or receive money or pay for transactions through e₹

How Does the Digital Rupee Work?

The RBI will create tokens, and issue them to financial entities called Token Service Providers (TSPs), which are the banks selected for the Digital Rupee Pilot Program. The TSP will then distribute the tokens to interested parties/customers. The digital Rupee tokens will work in the same way as bank notes/coins, and you can use them in lieu of cash.

You may store digital Rupees in your bank’s digital wallet CBDC-R app. The digital wallet works in the same way as your cash wallet, except these transactions will be entirely paperless.​​​​​​​

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KNOW MORE ABOUT E Rupee (e₹)

Digital Rupee Features

Frequently Asked Questions

As part of the pilot programme, select HDFC Bank customers have the chance to become a part of India’s e₹ initiative.

Cash vs e₹

e₹ is closest in comparison to cash. When you pay cash, the physical note/coin goes from your wallet to someone else’s. Similarly, a user transfers e₹ from their e₹ Wallet to someone else’s.

UPI vs e₹

Unlike e₹, which is a currency, UPI is only a payment system which allows transfer of money from one bank account to another through an intermediary.

Bitcoin vs e₹

A cryptocurrency is a decentralized asset where transactions between parties are settled by a pool of users. In e₹, the central bank takes responsibility for ensuring the transactions are settled.

Besides, e₹ will enjoy the same stability in value as the rupee while cryptocurrencies can be very volatile.

  • Once you have enrolled/registered, just load HDFC Bank’s Digital Rupee Wallet and choose your desired amount of e₹.
  • You can also select the denominations. Just like physical currency, the e₹ is available in ₹1, ₹2, ₹10, ₹20, ₹50, ₹100 and ₹500 denominations. 
  • The loading process is simple
  • Once you have e₹ in your HDFC Bank Digital Wallet, you can use them to purchase goods and services at numerous merchants that are part of the e₹ pilot program. All you have to do is scan and pay.

e₹ as a legal tender issued by a central bank in a digital form. The conversion rate is 1 e₹ = 1 Rupee. e₹ shall be accepted as a medium of payment, legal tender and a safe store of value.

e₹ will work in the same way as bank notes and coins – if you possess them, you can use them in lieu of cash. You may store e₹ in your bank’s e₹ app. The digital wallet works in the same way as your cash wallet, except these transactions will be entirely paperless.

You can either conduct e₹ transactions anonymously, simply by obtaining the sender/receiver’s phone number or QR code, or you can opt for account-based e₹ transactions.

e₹ will work in the same way as bank notes and coins – if you possess them, you can use them in lieu of cash. You may store e₹ in your bank’s e₹ app. The digital wallet works in the same way as your cash wallet, except these transactions will be entirely paperless.

You can either conduct e₹ transactions anonymously, simply by obtaining the sender/receiver’s phone number or QR code, or you can opt for account-based e₹ transactions.
e₹ will work in the same way as bank notes and coins – if you possess them, you can use them in lieu of cash. You may store e₹ in your bank’s e₹ app. The digital wallet works in the same way as your cash wallet, except these transactions will be entirely paperless.

 

You can either conduct e₹ transactions anonymously, simply by obtaining the sender/receiver’s phone number or QR code, or you can opt for account-based e₹ transactions.

UPI/NEFT/RTGS/IMPS are all forms of digital payments. e₹ is a digital form of currency and is a legal tender provided by RBI that is similar to physical cash, but in a digital form.

e₹ is an RBI digital currency. It is like cash in a digital form which has a value as per the denomination of the currency. On the other hand, cryptocurrencies like bitcoins are public currencies (not backed by RBI).

For the pilot phase, bank will reach out to customers selected for the e₹ pilot program. Customers who wish to participate will follow the steps given below:

  • Bank will send a link to the selected customers.
  • Customer will be able to download the app from the link.
  • Customer will undertake the registration process as guided on the app.
  • Customer will load e₹ currency on the app.
  • Customer can then send/receive currency from other customers/merchants participating one ₹ pilot.