Central Bank Digital Currency (CBDC)

Yes Bank had collaborated with the Reserve Bank of India for the Central Bank Digital Currency (CBDC) app

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Central Bank Digital Currency (CBDC) app YES Bank had launed a Central Bank Digital Currency (CBDC) app with the central bank of India Reserve Bank of India (RBI) which is set to revolutionize digital transactions and expand the reach of the Digital Rupee (e₹) in India.

Central Bank Digital Currency (CBDC) explained

Central Bank Digital Currency (CBDC) is  digital currency,  similar to cryptocurrencies, except that their value is fixed by the central bank in this case it is Reserve Bank of India. Lauched in the  October 7, 2022 it is accessbile throufh the central bank of India. During its pilot project, the RBI recognised some bank which were four banks, namely the State Bank of India, the ICICI Bank, the Yes Bank and the IDFC First Bank, where after some time another four banks, viz., the Bank of Baroda, the Union Bank of India, the HDFC Bank and the Kotak Mahindra Bank were added in this list . It is similar to physical cash ,as it earns any interest and can be converted to other forms of money, like deposits with banks.

https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1218.

Central Bank Digital Currency (CBDC)

Is CBDC available in India?

Yes , the banks in which they are available are State Bank of India, the ICICI Bank, the Yes Bank and the IDFC First Bank,Bank of Baroda, the Union Bank of India, the HDFC Bank and the Kotak Mahindra Bank and now Yes Bank

Who can use CBDC in India?

Non-financial consumers, private sectors, businessmen, can use CBDC in India

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