Reliance General Insurance Allows Premium Payments in RBI’s e-Rupee

Reliance General Insurance Allows Premium Payments in RBI’s e-Rupee

Reliance General Insurance has announced that it has become the first general insurance company in India to accept the Reserve Bank of India’s (RBI) Central Bank Digital Currency e-Rupee for premium payments. The company has partnered with Yes Bank to enable the collection of premiums through the bank’s e-Rupee platform. According to a statement, customers with an active e-wallet can scan Reliance General Insurance’s e-Rupee QR code to make immediate payments.

The launch is a pioneering move by the company, which aims to provide an easy, safe, instant, and eco-friendly payment solution to its customers. e-Rupee is a digital token equivalent to a banknote and is a sovereign currency backed by the RBI. By being digital, e-Rupee eliminates the issues associated with handling physical cash and offers the same anonymity as a banknote. Furthermore, since all e-Rupee transactions are done through an RBI-regulated entity, it reduces banknote-related risks such as anti-money laundering and the counterfeiting of currency.

Reliance General Insurance is providing its customers with an option to hedge against such risks by offering e-Rupee as a form of digital currency transaction. The company aims to promote safe financial transactions by providing its customers with the option to use e-Rupee.

The retail digital rupee pilot was launched in Mumbai, New Delhi, Bengaluru, and Bhubaneswar on December 1, 2022, with four leading lenders, including State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, participating in a closed user group. The pilot will be extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla, and the scope may be expanded gradually to include more banks, users, and locations as needed.


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