Many of us have received messages from our banks inviting us to take part in the pilot test of the retail e-rupee. Some of the more curious individuals among us may have even gone ahead and downloaded the app, which boasts a user-friendly and polished interface. Depending on our level of trust in all things digital, we may have also transferred small amounts of money into our erupee wallets.
However, the excitement encounters a significant hurdle at this stage. If you happen to reside in cities like Mumbai or Bengaluru, you might be able to locate merchants who accept e-rupees as payment and make a purchase. But in cities such as Chennai, Jaipur, or Pune, the e-rupee in your wallet is unlikely to be of much use since the network of merchants who accept the Indian Central Bank Digital Currency (CBDC) as payment is virtually non-existent in many places.
For those of us who may have wanted to experiment with e-rupee money transfers, finding like-minded individuals willing to join this experiment can be quite challenging. One may need to search through their social media contacts extensively before finding someone willing to receive a small sum, just for the sake of trying it out.
However, it's important to note that these are still early days and we are currently in the pilot phase. The Reserve Bank of India (RBI) is actively testing user responses, the technical capabilities of the infrastructure, security features and more. They plan to refine the final product based on this initial experience. The number of merchants accepting e-rupees is expected to increase significantly once UPI payment QR codes become interoperable with e-rupee payments. Additionally, as more tech enthusiasts express interest in using the e-rupee in the future, it may become easier to find others with e-rupee wallets.
هذه القصة مأخوذة من طبعة November 2023 من BANKING FINANCE.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 2023 من BANKING FINANCE.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.
Augmenting Productivity by Embracing Employee Engagement
As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.
Ethics in Artificial Intelligence: Navigating the Future Responsibly
Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.
Digital Banking: The Need of the Hour
Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.
Cyber Crimes in Banking: India's Battle Against the Digital Menace
The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.
Legal News
The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.
The Rise Of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
