Question
Which of the following banks has implemented the first
phase of the Reserve Bank of India's (RBI) Digital Rupee (eRs)?Solution
Kotak Mahindra Bank Limited (KMBL) has implemented the first phase of the Reserve Bank of India's (RBI) Digital Rupee (eRs). KMBL is among the eight banks shortlisted by RBI to implement a pilot project for the issuance of Digital Rupee, a legal tender that is similar to banknotes and coins, issued in a digital form by RBI.Kotak Mahindra Bank has rolled out the Central Bank Digital Currency (CBDC) to a Closed User Group (CUG) of customers, which includes retail consumers and businesses. The bank will launch the Digital Rupee pilot in Mumbai, Delhi and Ahmedabad.
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