RBI officially launched Digital Rupee in India: Here's what you need to know

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The Reserve Bank of India (RBI) has officially launched its digital token known as the Digital Rupee for retail purposes: Here are seven facts about it.

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What exactly is a Digital Rupee? It is a digital currency issued by RBI that is equivalent to fiat currency and can be exchanged for fiat currency.

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There are two kinds of digital rupees or Central Bank Digital Currency (CBCD): CBCD-Retail and CBCD-Wholesale.

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All private sector, non-financial consumers and businesses will use the CBCD-Retail or Digital Rupee-R. It is analogous to physical money.

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Only Financial Institutions will use CBCD-Wholesale or Digital Rupee-W.

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Where can I buy digital rupees? Pilots for Digital Rupee-R will be conducted in Mumbai, New Delhi, Bangalore, and Bhubaneswar.

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Later, Digital Rupee-R will be available in Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla.

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SBI, ICICI, Yes, IDFC, Bank of Baroda, Union Bank of India, HDFC, and Kotak Mahindra are the banks that support Digital Rupee.

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