CURRENT AFFAIRS: BANKING & FINANCE
Reliance Retail becomes the first Indian retailer to accept the Digital Rupee
- Reliance Retail has become the first Indian retailer to introduce Central Bank Digital Currency (CBDC), also known as the digital rupee (e₹-R) at its stores.
- The launch of this facility was in collaboration with Innoviti Technologies, ICICI Bank, and Kotak Mahindra Bank.
- At the launch event, V Subramaniam, Director of Reliance Retail Ltd, stated that just like the use of the Unified Payments Interface (UPI), the digital currency will also become a part of India’s payment ecosystem.
- The firm has piloted the use of the Digital Rupee in one store in Mumbai and plans to make this facility available in all its stores in Mumbai within the next 3 to 4 months, by Reserve Bank of India (RBI) norms.
- Reliance was also the first to introduce dynamic QR-based in-store UPI payments.
