The country launched an e-rupee pilot for the wholesale segment on November 1.
The initial excitement among Indian bankers over the launch of a central bank-sponsored digital rupee seems to be fizzling out. They find it adding to their paper and accounting work without bringing any significant benefits over the existing procedures.Bankers Not Enthused
For the customers, the process of using the digital rupee is similar to net banking, which they are already using and are satisfied with, bankers told the news agency.The e-rupee is a digital alternative to cash, which offers a certain degree of anonymity as it used distributed-ledger technology. These are the advantages that consumers and retailers might like. But in interbank settlements, it doesn’t bring any advantages, they said.
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